This is a strategy to protect against currency devaluation, but you still need to worry about interest rate risk (as do companies in the public markets, so investing in stocks isn't a sure thing).

Unfortunately, for people who live paycheck-to-paycheck, there's not much to be done besides wait for wages to catch up. And in general, wages don't keep immediate pace with inflation. The net result is that lower-income workers suffer the bulk of the consequences of high inflation.