And again, what is the best thing to do that is possible to do with the average household.
Pray every day.
Be in debt as little debt as possible as cash will be more valuable. Get in cash as much as you can.
I had been putting away spare cash in nickels as it was a no-risk "investment", even if in a chump-change way. I started as the nickel was slightly above melt value and went all the way to 7c, so I figured I was going to do OK via inflation. Lately nickel has collapsed and it's down to 4.7c melt, the lowest I've seen it in a couple of years. It now sure looks like deflationary times are ahead, even as many are still worried about inflation.
Yeah, I know groceries are still going up, but that might be a lagging indicator - or perhaps stagflation. Whichever way it goes, a couple of months canned/dried food is a good investment as well.
The simple answer: during deflation, hold cash because its purchasing power increases.
During inflation, purchase hard goods because dollar purchasing power decreases.