UK Energy Price Cap Set to Hit Three-Year High
Cornwall Insight forecasts that Britain's energy price cap will rise 4 percent in October to £1,729 annually. Higher wholesale costs driven by the Iran conflict are expected to offset government tax relief on electricity bills.
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United Kingdom domestic energy bills will climb 4% in October to reach a three-year high of £1,729 ($2,344) annually, Cornwall Insight said on Wednesday. The forecast follows data showing a previous energy bill increase pushed British inflation to a four-month high in July. The rising costs threaten to cancel out government relief measures aimed at easing cost-of-living pressures for households.
