Thursday 3 January 2019

2018 was ‘worst year on record for price rises’

2018 was the worst year on record for price rises.

That's the verdict from auto-switching service Look After My Bills, which suggests suppliers added £840 million onto total national bills, costing each household an additional £74.

Last year saw 57 price rises, compared to just 15 in 2017 - historically, there were no price rises until 2013 when there were six and 2014 when there were four.

The Big Six all raised their prices last year. Look After My Bills claims ScottishPower increased prices by an average total of £109 over two different hikes.

It stresses smaller suppliers raised their prices even higher, showing Economy Energy upped prices by a significant £311, adding around 38% onto bills.

Lily Green, Head of Research at Look After My Bills, said: "This has been the worst year on record for price rises. 2018 has been a kick in the teeth for British households.

"It seems energy companies are spooked by the impending price cap and are setting prices high while they can."