The government's likely response to rapid inflation (and it is coming soon), is going to be wage/price controls and rationing.

Here is how this works:

The government increases the amount of money in circulation by printing it and spending it. Those first in line to receive the newly created money get to spend it at the current prices. As the money makes its way into the economy prices begin to rise. Working folks and people on fixed income begin to get pinched because things cost so much more. Employers are forced to pay more to keep employees.

The same government that create the problem by increasing the money supply, now comes to the rescue, by imposing wage and price controls. It sets up a board to dictate prices for necessities and wages. Prices of commodities that are needed, such as food and fuel are held at lower than market prices, this results in shortages. The producers of goods stop producing products or slow the production of products that are not profitable to make. and switch to making things that are not price controlled.

When this occurs government will then begin rationing those items that are in shortage. Black markets will emerge where producers (or traders of products) will sell rationed goods a free market prices. The government will crack down on black market activities my making these transactions a criminal offense with serious penalties.

Somewhere in the process the dollar will decrease in value and the price of gold will increase dramatically. The government will either dictate a low price for gold (no one will sell it below its market price.) or they will confiscate gold.

This isn't rocket science. It is simple supply and demand. Congress can make all of these laws to try to avoid price changes. They cannot repeal the Law of Supply and Demand. If something is free or cheap, people will want lots of it. When something is very expensive they will do without (if they can. They can't do without food and water.)

What do people do when all of this happens? They hoard the essentials. The smart ones hoard before the price inflation, the price controls, rationing and bootlegging.

I am a student of economics. All of this has happened many times before in the US and most other countries in the world.

The most essential things that your family will need is medicines, food and water. (You are going to need shelter and energy, but let's save those for later.)

You should take an inventory of medicines that you will need for three + months (note expiration dates) then stock up. Also stock up on bandages, bandaids, anti-biotic oinments, iodine, hydrogen peroxide, aspirin, cold medicines, multi-vitamins, etc.

In regards to food, think of nutrition, not taste. You should have up to 3 months supply of food. That is a lot of food, even for a couple, and lots more if there is a family with several children.

Most of the world survives on rice and legumes (beans of all sorts). These require minimal storage requirements, they have a long shelf life, they are cheap and together they produce complete proteins. Whether you turn up your nose or not, this is cheap survival food. You can buy a 25 lb. bag of rice for about $16 today. Dried beans are fairly inexpensive too. A mixture of raw rice and beans, assuming 25 lbs of rice and 12 lbs of dry beans could feed a family of 4 for a least a month. To this, you can stock up on pastas, carrots, potatoes and noodles for some variety. You will want also want canned tomatoes, broth and other vegetables. Stock lots of salt and your favorite spices.

For less than $200 of these types of food you can have a stock to carry your family over the the toughest times.

You can store some bottled water, but this can take a lot of space. You can also store rainwater in rain barrels. Make sure that you have a way to sterilize water because you may not have enough drinking water. Iodine tablets or manual filtrations system should be on hand should you have to scrounge for not so clean water.

You should have some gold and silver coins for barter. Some firearms and ammunition would be a smart thing to have as well.

There you have it: Inflation/Price Fixing/Rationing 101 plus a basic survival list.