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The UK energy regulator announced on Thursday that the limit on energy prices is rising by a record 54 per cent due to rising natural gas costs, a change that will significantly burden millions of households that are at the same time face further price increases.
The Office for Gas and Electricity Markets, known as Ofgem, said the new price cap – the maximum amount that gas suppliers can charge customers – would rise by 3 693 a year in most parts of the UK. United starting in April. This will make the annual bill for the average consumer go up to 97 1,971.
The decision is likely to affect 22 million families across the country.
Treasury chief Rishi Sunak immediately announced a package of measures to help millions of people, including those on lower incomes, cope with the huge rise in gas bills, the AP reports.
“Without government action, this will be extremely difficult for millions of families,” Sunak told British lawmakers.
The announcement of rising energy prices further exacerbates a cost-of-living crisis in the UK, where food costs have risen steadily and a tax hike will take effect in April.
The Bank of England also raised interest rates again on Thursday from 0.25 per cent to 0.5 per cent to combat rising consumer prices.
Inflation in the country is at its highest level in decades, currently standing at 5.4 percent in December.
The central bank has warned it could rise to 6 percent in April. Some analysts predict that inflation could reach 7 percent./ REL
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