Domestic energy prices are forecast to rise by 5% from April, adding £85 a year to household bills, according to consultancy Cornwall Insight. The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,823 a year. The predicted higher prices will take effect at the same time as increases to water and council tax bills in April. However, minimum wage levels will also go up while benefits and the state pension will increase. The price cap will rise from its current level of £1,738 per year for a typical household. The predicted rise is due to a combination of colder weather and a fall in gas storage levels across Europe, which has led to a sharp rise in wholesale prices.
Source link
