Setting rates in a time of rocketing costs

We have certain criteria employed to set our fees e.g. the going market rate, our lifestyle, costs, savings and retirement plans. Judging the inflationary trends led by the price of oil (already being talked about to reach $200 a barrel) and escalating food prices, I wonder what one should do to keep up with the cost of living, yet also stick to payment plans according to agreements made with clients? I don't know about the US, but a bag of rice doubles in price in a fortnight!