Energy prices have already risen for millions, and there are still more changes to come this month as numerous bill increases take effect. In fact, the typical annual household gas and electricity bill is rising by about £700, and the OBR is predicting a further rise of more than £800 a year in October.
This has been echoed by the head of Octopus Energy, who has warned energy prices could rise even further in the winter. Speaking to LBC, Greg Jackson said: "Global energy prices is one of the most volatile markets and so it's a fool who will make a strong prediction. But what we do know is that the next energy price cap period is being set by the prices we're seeing now, because there's a sort of lag in the system.
"So unless there's a very rapid fall in the global prices, energy costs for people in the UK will stay high over the winter. They could even be higher. We just don't know. But of course we're now in a situation where there are two factors that really make a difference. First one is whether there are any more strategic moves related to Russia, whether the gas taps get turned down or not.
