Ofgem  Energy price cap by 80% to £3,549 from October

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BY: Dinesh !

UK households have faced a jump in energy bills since October after the regulator lifted the energy price cap, taking the average gas and electricity bill to £3,549 a year.

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In a blow to hard-pressed consumers already struggling with rising inflation, Ofgem has approved an increase of £1,578 from the current figure of £1,971 for the average dual fuel tariff - an increase of 80%

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The cap will almost double from a year earlier in October, when it was raised to £1,277

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The announcement comes as households try to brace for a harsh winter. Rising utility bills have led to widespread inflation, which topped 10% last month and is forecast by some economists to rise to 18% from January.

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Ofgem said it would not provide projections for further price change in January as the market remains "extremely volatile", but warned that prices "could deteriorate significantly until 2023".

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The new cap will affect 24 million households - around 85% of the population.

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This figure includes around 4.5 million customers with pre-paid electricity meters who will pay an extra £59 a year on average

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Ofgem's announcement will increase pressure on the government to urgently introduce more measures to help households this winter.

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The winner of the Tory leadership contest between Liz Truss and Rishi Sunak is expected to announce the plan shortly after the September 5 race.

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