UK energy price cap to rise 13 percent in July
Regulator Ofgem announced the average annual energy bill will increase to 1,862 pounds from July as wholesale gas costs rise due to the conflict between the United States and Iran. Analysts warn that prices could climb further by October if shipping disruptions in the Strait of Hormuz continue.
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Regulator Ofgem will raise the United Kingdom energy price cap 13% to an average £1,862 per year starting in July. The new cap is £221 higher than the previous cap of £1,641 for April to June. Wholesale Natural Gas prices rose 45% since the United States began military action against Iran on February 28. The hike threatens to push CPI to about 4% by the end of the year, further straining household budgets and retail spending.
