U.K. households will see the costs they pay for power rise by 80% in October, a brand new blow to spending energy that’s prone to push the world’s fifth-largest financial system into contraction within the closing months of the 12 months.
The U.K.’s power regulator, often called Ofgem, raised its cap Friday on home-energy costs to three,549 kilos a 12 months (about $4,177) from a present price of £1,971 following a twice-yearly overview. It cited increased natural-gas costs that it attributed to the war in Ukraine and reductions in provides from Russia.
