It comes as households already face rising airfares, fuel and electricity prices.
With the average pay packet only growing by 2.1% in the past year, it means prices are rising faster than earnings.
Speaking in The Independent, Laith Khalaf, a senior analyst at Hargreaves Lansdown, said:
“The pound in your pocket is depreciating, as the rising price of goods continues to chip away at its value. Consumer spending remains remarkably resilient in the face of inflationary pressures and weak wage growth, but the current squeeze on household budgets is a slow burner, as it takes some time for economic reality to hit home," he said.
"Employment remains high and borrowing costs are low, for the time being at least."