Global RiskNews Briefs

UK sees 80-percent energy price hike amid cost-of-living crisis

The United Kingdom has reported an 80% increase in electricity and gas bills, worsening the cost-of-living crisis the country is already experiencing. The regulator Ofgem announced on Friday that its energy price cap will increase to an average of $4,198 a year from the current $2,331 going into the winter. 

Ofgem sets its next cap in January and bills are expected to be higher than $5,914. This increase reflects the increase in wholesale gas prices worldwide. UK inflation is already in double digits and is forecast to reach 13 percent due to higher energy bills. The increase of energy prices may push millions into fuel poverty, forcing them to choose between fuel or food.

Read More: UK sees 80-percent energy price hike amid cost-of-living crisis

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