Further financial pressure is looming for many households after regulator Ofgem raised its energy price cap by 4% to a three-year high.
The regulator said the price cap will rise by £60 a year – or £5 a month – to £1,723 for the average household using both electricity and gas if this level is sustained for a year.
The latest rise comes after a sharp increase in the cap earlier this year.
This increase reflected higher wholesale gas prices due to the ongoing conflict in the Middle East, with volatile global markets remaining the dominant driver of price changes.
The increased October cap, which will remain in place for three months, from October 1 to December 31, 2026, will come into force just as households increase their energy usage during winter.
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