Fresh produce will in some instances double as will some meat (so they predict).
I am putting my plan into action now to hopefully take some of the financial pressure off should this happen. We have our vege garden but are no way near self sufficient in that area. I do need to do some planting tomorrow to ensure we have some staples in the months to come. Thank goodness for the chooks and all of the eggs they produce. I predict lots of omlets for dinner over the next few months.
I will be stocking my freezer with frozen peas, corn, carrots and broccoli as we eat these most nights and while there is stock, I will either buy fresh and freeze myself or buy already frozen stock (depending on price).
Fresh fruit will probably become a luxury for a while, we will have to wait and see what happens there. We do still have some preserved fruit from last year to use and I imagine that I won't be doing very much preserving this year :(
I will be back to baking bread every day, nothing like a price hike to really get me back into the swing of things.

We will be eating 3 vegetarian meals a week, yes family, you heard right!
There is talk of petrol rising also, so I will be making more of an effort to walk or cycle places.
I will be using my set of '4 ingredients' books and be cooking simple nutritious meals.
This is off the top of my head for the moment, I'm sure there are other things I can do. I would love to hear what plans you will be putting into action.