UK Energy Bills Set to Increase for Third Consecutive Quarter
- Bills will rise on April 1 for UK consumers: Cornwall Insight
- Energy prices pushing up inflation rate, Bank of England says
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The UK energy price cap is forecast to rise for a third consecutive quarter, making it harder for the government to achieve its goal of lowering costs for households and businesses.
Volatile wholesale markets for both gas and power mean the Labour government is struggling to reverse the price increases that took place during the energy crisis that followed Russia’s invasion of Ukraine. Recent cold snaps and concerns about depleting gas inventories in Europe played a large part in the latest hike.