Ofgem has announced another huge increase in the energy price cap, which will rise to £3,549 per year in October. The new price cap, announced on Friday morning, is a rise of more than 80% on April's figure of £1,971 and will come into effect for around 24 million households from October 1.
Research is already forecasting that more than 40 million people in the UK could face fuel poverty as a result of soaring energy costs, with further increases to the price cap on the cards next year. You can read all our latest update's on today's announcement here.
But with the price cap jumping yet again, it has left many wondering when we might finally see a fall in prices. Independent energy analysts Cornwall Insight have published their latest predictions about how much the energy price cap is likely to be in each quarter in 2023. It is important to note that these are partly based on wholesale energy prices for gas and electricity, which are volatile, so this could change drastically.
