Millions of households are likely to see a further increase in the energy price cap later this year, Ofgem has warned. The energy regulator's chief Jonathan Brearley has said people in the UK should expect another increase to the cap as the cost-of-living crisis in the UK deepens and the region feels the financial impact of the Ukraine war.
According to the Mirror, Mr Brearley said while speaking in Glasgow: "Gas markets remain in a febrile state since the Russian invasion. "Prices fluctuated from nearly 16 times the average price last winter at its highest to around four times what we'd usually see. The market remains highly volatile and as a result we do expect further price increases later this year."
The news will come as a further blow for millions of people in the UK following the 54% rise in the energy price cap back in April, an increase of around £693. It saw a typical bill pushed up to around £1,971 a year according to MoneySavingExpert. Read more: The average British person spends nearly £4,500 a year on food, study says
