LONDON
It is now £693 ($940) more expensive per year to keep homes for millions of British people, according to a new cap announced by the energy regulator.
The new yearly cap will go up to £1,971 ($2,670) per year from April 1, with a 54% rise, the Office of Gas and Electricity Markets (Ofgem) has announced Thursday.
Millions of households with lower income are expected to struggle with the latest rise, which is a second major hike in months, amid the rise of the cost of living.
The new rise came as the British government announced a package of measures to lower the cost of fuel bills for households with the lowest incomes.
The prices are subject to a further rise of 12% in October.
Chancellor of the Exchequer Rishi Sunak announced later in the day that the government will step in to help “28 million households this year.”
He said the households would be helped with £200 for gas bills, which will be paid back in £40 installments over the next five years, and a £150 rebate with their council tax bills in April.
The increases in household fuel prices are caused by surging gas market prices across the world, which are four times higher than last year’s same time.
The rising energy prices will add an additional burden on millions of Brits amid rising shop prices and other price hikes caused by higher inflation.
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