UK households could be in for an even bigger shock than expected this winter according the Money Saving Expert.
In April energy bills rose 54% for the average household with energy bills playing a key role in the ongoing cost of living crisis crippling Brits’ finances.
Martin Lewis issues energy bill warning to UK households
I feel sick writing this!
I’ve just got the latest price cap predictions from @CornwallInsight. A huge spike in the key year-ahead wholesale price means
OCT cap prediction UP 64% (so £3,244/yr on typical bills)
JAN cap prediction UP 4% (so £3,363/yr)
— Martin Lewis (@MartinSLewis) July 8, 2022
“I feel sick writing this,” the Mr Lewis warned.
The cash-saving guru continued: “I’ve just got the latest price cap predictions from @CornwallInsight. A huge spike in the key year-ahead wholesale price means…
“OCT cap prediction UP 64% (so £3,244/yr on typical bills).
“JAN cap prediction UP 4% (so £3,363/yr).
He added: “It is Ofgem who sets the price cap (which is now really a price floor) based on wholesale prices and the requirement to hedge to have forward supply.
“The big profits aren’t being made by retail energy suppliers, but by oil & gas producers (though sometimes they’re the same firms).
“I will be redoing my should I fix calculations for next week.”
It will be concerning news for Brits on the same day it was revealed nearly half of adults in the UK are buying less food as the cost-of-living crisis squeezes wallets across the country.
New data from the Office for National Statistics revealed on Friday that 49% of people said their shopping trolleys are less full than before.