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13 August 2012: Bank of England warns of energy price rise
The Bank of England has suggested the price rises for domestic energy were highly likely in the run up to the end of the year. The stark warning has appeared in the Banks most recent Inflation Report, which has just been published.
Commenting on domestic energy inflation, the Bank have said that although wholesale prices are falling, it is other factors such as distribution costs that will push the need for a slight increase in energy prices saying that the, “fall in gas prices has reduced the likelihood that domestic energy suppliers will increase their gas and electricity prices in the autumn. But continuing rises in the other costs that those suppliers face, such as those associated with distribution, are likely to result in small increases in domestic energy prices around the turn of the year.”
The prediction will be bad news to UK consumers who are still reeling from the considerable price rises that have been introduced over the last 18 months. With many in the country near or living in fuel poverty, any potential for increases however small will be met with concern.
All is not lost for the hard-pressed consumer, as some of the cheapest tariffs on the market at the moment are fixed price tariffs, which keep prices at the same rate regardless of the overall market conditions.
Why not see if you can save money and protect yourself from potential price rises by comparing and switching suppliers now!
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