Energy Price Hike Looms as UK Households Face £180 Annual Bill Increase

UK households are bracing for another energy price hike as the cost of living continues to rise. From October 1, the average annual household energy bill will increase by 4% to £1,723, according to the energy regulator Ofgem.

This latest price adjustment is likely to pose a challenge for the Bank of England in its efforts to keep inflation under control. As households face higher energy bills, their expectations around consumer prices are expected to rise as well.