UK's Energy Price Cap Rises: The Impact on Households

Ofgem, the UK's energy regulator, is set to increase the energy price cap by 2% from October to December. This change affects typical households on default tariffs, who will see their monthly energy bills rise from £100 to £102, exceeding Cornwall Insight's estimate of a 1% rise.

The UK's energy regulator, Ofgem, has announced a 2% increase in the energy price cap for the period from October to December.

This adjustment means that the typical household on a default tariff will now pay £102 per month, compared to the current cost of £100. This increase surpasses the 1% rise estimated by Cornwall Insight.

The move aims to address fluctuating market dynamics but poses potential financial challenges for consumers already grappling with rising living costs.

(With inputs from agencies.)