The Latest Breaking News from Cornwall Insight

Benefit of six-month scheme for firms will depend on type of energy contract and date it started

MSE founder Martin Lewis says consumers should consider picking a fixed rate energy deal ahead of prices rising again from October, with average gas and electricity costs predicted to be £3,549 a year

Today, energy regulator Ofgem announced that the price cap would rise on 1 October from £1,971 to £3,549. It gets worse. Cornwall Insight, the consultancy that previously predicted today’s rise to the virtual penny, warns it’ll climb to nearly £7,000 a year by next April.

The energy price cap is now being reviewed every three months instead of every six

The price cap for the average household is already increasing by 80% to £3,549 for the three months starting in October

The cap is going up 80% in October - and it could be next year before we see any fall

The massive rise in energy prices is putting pressure on millions of households across the UK but the October price cap rise won't be the last increase, according to experts

Cornwall Insight is now predicting the Ofgem price cap could hit £5,386.71 in January, before rising again to £6,616.37 in April, in more bleak news for families

Analysts expect the energy price cap to soar in October as Ofgem prepares to announce the changes