UK ENERGY – Energy prices in the UK rises by 80 percent

Get real time updates directly on you device, subscribe now.

The maximum price of energy that companies in the sector can charge to households in the United Kingdom per year from Oct.1 has been fixed at 3,549 pounds ($4,182), an 80 percent increase over the current limit, energy regulator Ofgem announced Friday.

The maximum price is currently 1,971 pounds per year per household.

This sharp increase is expected to further trigger British year-on-year inflation, which currently stands at 10.1 percent but could reach 13 percent or more by the end of the year.

This cost of living crisis has led to numerous strikes across various sectors on Friday, including the postal system, dockers and railway workers, in demand of wage increases to deal with this situation.