Economy

Energy price cap to rise 54% from April

The price cap rise comes amid a ‘record’ increase in global gas prices, and is set to affect approximately 22 million customers

Retail bosses are braced for a spending squeeze after it was revealed the energy price cap is set to increase by 54% from 1 April amid a “record” increase in global gas prices, in a move that is set to affect approximately 22 million customers.

Energy regulator Ofgem announced that households on default tariffs paying by direct debit will see an increase of £693 from £1,277 to £1,971 per year, and prepayment customers will see an increase of £708 from £1,309 to £2,017.

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