I feel that price hikes are kinda expected these days - with the news of inflation going round for a year or so? For me, I think if it something is necessary, then I will just accept the price increase. Haven't really had to cut back on stuff since my expenses are mostly "needs" and not "wants".
Yeah, there's some who may not be affected, but more will be than are not. The pain will come, and it'll destroy many.