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18 May 2012: Energy prices rise seven times faster than incomes
It has been revealed that the cost of rising energy bills has grown seven times faster than the average income over the past 8 years, greatly impacting hard-pressed consumers’ finances.
Since 2004 energy costs have risen from an average of £522 a year to the current £1,322 a year, according to Ofgem statistics. This amounts to a rise of over 150%, which is significantly higher than the 20% increase in the average household income during the same period.
The figures highlight the increasing pressures facing consumers across the UK, with more of a household’s income allocated to utility bill costs. In fact it is estimated that energy costs now take up 3.2% of a household’s income, double the 1.6% in 2004.
The best way for recession-hit consumers to cut their spending is to regularly compare energy suppliers to ensure they are receiving the best possible deal. Why not compare your supplier now?
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