Ofgem hikes energy price cap by £94 as wholesale gas costs bite, bills unlikely to fall before mid-2023
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Ofgem has raised the energy price cap by £94 per year for the average household, with the new cap set at £1,928 from January 1st
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The price cap rise is due to increasing wholesale gas prices, which Ofgem says have been impacted by events including the conflict in the Middle East
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The Autumn Statement delivered tax cuts but no extra help for household energy bills, despite rising costs
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Forecasters predict bills could fall from April but may not drop below current levels until July
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While the Autumn Statement was the focus on Wednesday, the FTSE 100 dropped 0.2% while the FTSE 250 rose 0.7%, with accounting software firm Sage Group up 13.3%