In a recent revelation by the Office for National Statistics (ONS), households are grappling with a sharp rise in energy costs
In a recent revelation by the Office for National Statistics (ONS), UK households are grappling with a sharp uptick in energy costs. The data, spanning up to June 2023, paints a concerning picture of the country's energy landscape.
Gas and electricity, the twin pillars of household energy, have witnessed significant price hikes. Over the past year, gas prices have skyrocketed by a staggering 36.2%. Electricity hasn't been left behind either, registering a 17.3% increase. These surges trace back to pivotal adjustments made to the energy price cap by the regulatory body, Ofgem, in April and October 2022. Such hikes have played a crucial role in driving the inflation rate upward since April 2022.
While households are feeling the pinch of rising energy bills, there's a silver lining in the form of declining fuel prices. Petrol and diesel, essential components of the transportation sector, have seen a welcome reduction. Prices plummeted by 22.7% in the year leading up to June 2023, with a notable 13.1% drop just in May.
The repercussions of these price fluctuations are evident in household behaviours. A survey conducted between 26th July and 6th August revealed a telling trend. A majority, approximately 51% of respondents, admitted to curbing their energy consumption at home. The escalating cost of living, driven in part by these energy price hikes, has forced many to rethink their energy usage patterns.
The recent data from the Office for National Statistics (ONS) has sent ripples across the UK, revealing a sharp uptick in household energy costs. With gas prices soaring by 36.2% and electricity following suit with a 17.3% increase, many are left wondering: How can we shield our wallets from these escalating costs?
Fear not, for there are strategies households can employ to navigate this surge. Here's a roadmap to energy savings:
In the face of rising energy prices, it's crucial for households to be proactive, not reactive. By adopting these strategies, families can not only manage their energy consumption but also ensure that their bills don't burn a hole in their pockets. Remember, every little effort counts, and together, we can navigate these turbulent energy waters.