Household energy bills forecast to rise to £2,800 yearly

Household energy bills forecast to rise to £2,800 yearly: Households might be pushed even further in October as energy bills could increase to £2,800 per year.Thats according to the newest report by the Bank of England which forecast that if continued, high electricity and gas prices would signify that the price cap could be nearly 40% more than the present level.The price cap soared by a whopping 54% on 1st April, increasing a average bill to £1,971 annually.The bank’s Monetary Policy Committee (MPC) concludes the likely hike could add 1.5% to Consumer Prices Index (CPI) inflation starting October.Inflation is the rate at which prices rise and is now at a 30-year high and fixed to reach 10% by the autumn.The committee mentions, in the report, the UK GDP growth is likely to slow abruptly which primarily reflects the substantial adverse impact of the extreme rises in global energy and tradable goods.Household energy bills forecast to rise to £2,800 yearly