Martin Lewis predicts what the October energy price rises may well cost the average household, and it's not a pretty read.
Martin Lewis has number crunched the latest estimate of what the October energy price rises may cost the average household and has published some figures that may make the hairs on your neck stand up!
What you pay now, monthly | What you may pay in October | What you may pay in January 2023 | Total monthly cost difference in January 2023 compared to pre-October 2022 |
£100 | £165 | £170 | + £70 |
£150 | £250 | £255 | +£155 |
£200 | £330 | £340 | + £140 |
£300 | £495 | £510 | +£210 |
These figures are based on an updated October price cap prediction of up by 64% (so £3,244/yr on typical bills) with a January 2023 price cap prediction of up by 4% (so £3,363/yr). (This prediction was from Cornwall Insights)
As you can see, these monthly price increases are likely to cause a massive problem for anyone already struggling to meet ends meet, thanks to this year's fuel increases and general cost of living increases. So it's likely to push people over the edge financially.
Sadly most fixed-term energy offers have been withdrawn by energy providers recently, meaning that you can't shop around to try and get a better-fixed cost on your energy supplies.
These are just predictions; however, even with a bit of variance on either side of these figures, it's still a bleak outlook, so I'm afraid it will be a tough winter for many.