Ofgem price cap explained as Liz Truss to 'freeze' bills at £2,500

The Ofgem price cap is due to hit £3,549 this October as the cost of living crisis continues to deepen.

This is up by £1,578 - or an 80% increase - from its current level of £1,971 for those on default tariffs who pay by direct debit.

But households may avoid this major increase in energy bills as Prime Minister Liz Truss is expected to freeze the cap at its current level, with an announcement due today.