Millions of households across the UK are now struggling to pay their bills after the Consumer Price Index reached a 30-year high. There was a rise of 6.2% in the year leading up to February, which has left scores of people wondering how to keep up with their financial obligations. This was the biggest increase since way back in March 1992 when inflation stood at 7.1%. It’s said that consumers living in some areas are likely to see even bigger rises. Some of the products seeing the biggest jumps include air travel, second-hand cars and energy bills.
Which categories saw the biggest rises?
The ’electricity, gas and other fuels’ category saw the largest annual price rise in February. These prices were up by 23.1% in comparison to February 2021. ‘Purchase of vehicles’ saw the second-biggest increase (14.5%), with ‘furniture, furnishings and carpets’ up by 13.2%. When it comes to specific goods and services, domestic liquid fuels saw the biggest rise, with prices going up by 52.9%. Second-hand cars were in second place as costs shot up by 30.6%. Food prices had increased by 4.9% in the year leading up to February, and non-alcoholic beverages had increased by 6.7%.
What is happening on April 1st?
From April 1st, homes in the UK will see gas and electricity increases of 54%. The average UK household is set to pay just under £2,000 for their heating and electricity. The average duel-fill bill is unable to exceed £1,971. However, if you live in a bigger household, you could still find yourself paying much more than this.
Will prices rise further?
Sadly, the bad news doesn’t end there as it’s expected that prices will again increase in six months. Ofgem, the fuel regulator announced the coming price increase before the start of the war in Ukraine, and wholesale gas prices are now getting even higher. Ofgem are expected to start working out what they think the next price cap should be in July. Experts are warning that this cap could stand at around £2,500 to £3,000 per year.
How can I reduce my bills?
If you are looking for ways to cut down your fuel bills without losing out on comfort and convenience, you could be able to make reductions by investing in energy-efficient appliances such as a new boiler. At Ability, we have the experience and expertise needed to install a wide range of domestic appliances, and you can get in touch with us at any time if you do need any advice on sourcing electrical and heating goods that could help you to save money in the long run.
Why not get in touch today if you do have any queries about our heating and plumbing installations. We have been a leading player in our industry for many years, and we offer some of the most competitive prices on the local market without ever forcing you to compromise on quality. To reach us today, give us a call on 01892514495 or send an email to email@example.com.