Martin Lewis has predicted energy bills may drop in July - but only after a hefty increase in April.
Household spending on energy bills is expected to reach a record high as retail prices rise further and Government support is scaled back. The typical household energy bill is set to rise to £2,450 in 2023, up from £1,550 in 2022, and £1,170 in 2019.
While energy bills support is scaled back, the report noted that tax rises will be scaled up, with a typical middle-income household set to see their personal tax bills rise by around £1,000 from next April.
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With this in mind, one user messaged Martin and asked: "Do you have an estimate on when we will see energy prices coming down considering it’s much cheaper now to suppliers?"
In his response, Martin said energy prices could drop in July, but only after a substantial increase in April. He said: "Energy prices will almost certainly rise 20% in April as announced.
"Then in July, the current prediction is energy price cap will then be lower than the energy price guarantee so prices will drop 6% and stay that way till year end (still a higher rate than the current one though)."
Inflation is forecast to ease back sharply throughout 2023, although this has already been predicted by economists in recent weeks and is seen more as a result of factors in the wider UK and global economy than efforts by the Government.
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