Martin Lewis has advised anybody worried by the cost-of-living crisis that it could be worth seeking a new fixed-tariff energy deal before October when gas and electricity prices are set to rise again. That increase in the cost of energy bills could amount to an annual difference of £3,500 or more.
Inflation, meanwhile, has soared to a 40-year high of 10.1% with Lewis, the founder of MoneySavingExpert.com, suggesting that consumers should now consider a higher threshold when looking at what fixed-rate tariffs are currently on the market. Commenting on his website, the consumer champion explained that no fixed tariffs are meaningfully cheaper than current deals, but they will be if the predicted October hikes in price go ahead.
He stated: "If the predictions are right, on average you'll pay 117% more over the next year than you do now. If you're offered a year's fix at no more than 115% above your current price-capped tariff, or 120% more if you strongly value budgeting certainty, it's worth considering."
