This can include adverts from us and 3rd parties based on our understanding The Bank of England s new chief economist has warned that rising energy costs and major supply shortages could cause rate of inflation to last longer than expected.
The cost of living is expected to remain high until at least 2022 and the Bank of England warned earlier this month that inflation will rise to more than 4 percent this winter.
Amid these stark warnings, research performed for the Daily Mail suggests that the cost of living is likely to rise by 1,800 for the average family of four and by 900 for low-income couples.
The price of gas has more than doubled since the beginning of the year, soared 213 percent since January 1 and risen by 71 percent since the commencement of August alone, according to NRG figures. This news comes as an ONS study of over 8,000 companies showed that a third of UK companies are suffering from the effects of goods and services rising more than expected. 29 percent of companies reported a sharp increase in the price of goods and services purchased in the last fortnight and over half of companies in the construction industry reported a large increase in the price of building materials such as cement and power tools - the highest of any industry. The Quarterly Bulletin of the Bank of England will be published later on Friday and will discuss topics such as monetary stability and financial stability.
Energy cap will rise by 800 next April Due to a continuing rise in gas prices it has been predicted by industry analysts that the current energy cap - which is at 1,277 could rise by upto 800 when it is next reviewed in April. The chief executive of the energy regulator Ofgem, which sets the limit on prices warning that it would have to adjust its cap next year for the increase in energy costs.