At last, there’s an inkling of good news on the cost-of-living crisis. Ofgem has announced the level of the new energy price cap, with the typical household paying £2,074 a year from July – down from the £2,500 level set by the Government’s Energy Price Guarantee. For the roughly 29 million households protected by the scheme, this means cheaper energy is on the horizon. Thanks to tumbling wholesale energy costs, energy suppliers are expected to bring back fixed deals in the coming weeks, opening up competition in the market.
Inflation, too, is starting to ease. Prices rose by 8.7 per cent in the year to April 2023, down from 10.1 per cent the previous month. The Office for National Statistics (ONS) put the decline down to energy prices remaining stable, compared to the leaps seen at the same time last year.
