Ofgem the UK energy regulators are set to increase the price cap for British energy consumers once again in October. Many households are struggling with bills as it is as there was a major outcry after the last price increase in April which is set to happen again in October.
The new price cap is set to rise to £2,800 the current price cap is set just below £2,000 which means domestic customers could see a rise of up to £800 on their yearly energy bills. This could send nearly 12 million households into fuel poverty. Unfortunately, energy prices going up also means everything else will suffer inflation, from food to fuel.
The Government has set aside nearly £9 million to try and help struggling families but they have been warned that this will not be nearly enough to soften the blow of the inflation the country is about to see.
The price rise we have seen over the past couple of years is due to the rise of the price of wholesale energy since the pandemic started. This in turn has caused a collapse in many energy firms and put pressure on the ones that remain.
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