A 13% increase in household energy prices is set to come into effect from July, impacting millions of UK households. The price hike is a direct result of soaring wholesale costs, driven by the ongoing US-Israel war with Iran and its impact on global energy markets.
The UK's Office for National Statistics (ONS) has confirmed that energy prices are expected to rise by 13% in the coming months, with the average annual dual-fuel bill increasing to around £1,900 by July. This represents a significant increase of £220 per year for many UK households.
The UK Government has been urged to intervene and provide support to households struggling with rising energy costs. 'We understand the concerns around energy prices and will continue to monitor the situation closely,' a spokesperson for the Department for Energy Security and Net Zero said.
The UK's energy regulator, Ofgem, has also warned that the price hike will have a disproportionate impact on low-income households and those who are already struggling to make ends meet.
The UK Government has committed to providing support to those who need it most, including a £400 energy rebate for eligible households and an increase in the Warm Home Discount scheme. However, many are calling for further action to be taken to address the root causes of the energy price surge.