He added that the figure could peak at around five per cent in the near future.
"Increases in food and energy bills will intensify the squeeze on real take-home pay, which, for many households, is unlikely to grow this year," he explained.
"These are circumstances in which both consumer spending and house prices are likely to weaken together."
Earlier this month, the Federation of Small Businesses revealed its "deep concern" over the rising cost of gas and electricity in the UK.
He added that growing companies are likely to be affected as much as households due to a number of them now working from home.
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