economy
Energy bills forecast to rise further 9% in January
Energy bills are forecast to jump by a further 9% in January – the third quarterly rise in a row – following Ofgem's 4% hike in October. The new figures would push the typical annual bill for a dual-fuel household to an average of £1,872 on January 1, up from October's £1,723 price cap.
TL;DR
- Energy bills are expected to rise by 9% in January, following a 4% increase in October.
- The typical annual dual-fuel bill could reach £1,872 by January 1.
- Households are urged to compare fixed-rate energy deals to potentially save around £173 per year.
- The government's VAT cut on electricity bills will shave about £45 off the average annual cost.
- Despite higher caps, several fixed tariffs are available that are cheaper than the new price cap.
- A significant portion of bill-payers (53%) are concerned about affording heating this winter.
- Experts and consumer advocates recommend switching to a fixed tariff for bill certainty.