Virgin Media customers are due to see their prices increase by an average of 13.8% in the coming weeks.
The company has announced that prices will increase for customers on either April 1 or May 1 of this year depending on what package they have with Virgin Media.
It has said that it has made the decision due to experiencing increased costs and a growing demand for broadband usage.
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However, Virgin Media has stressed that it has given customers the opportunity to cancel their package, penalty free, within 30 days of them receiving news of the price increase.
It has also said that these increases will not be applied to its most vulnerable customers, such as those on Universal Credit and Talk Protected landline customers.
Virgin Media has also announced that from April 2024, it will be introducing inflation linked price increases that will be based on the Retail Price Index +3.9%. These will be applied every April from 2024.
It said The Office for Budget Responsibility, in its recent economic forecasts, has predicted the Retail Price Index rate to be at 1.5% in 2024, significantly reduced from where it stands today.
A Virgin Media spokesperson said: “We know that price rises are never welcome, particularly right now, but like many other businesses we are experiencing significantly increased costs while investing to keep pace with growing demand, as broadband usage rose more than 10% last year and speeds increased by 40%. We’re committed to supporting customers in this tough climate and are freezing prices for vulnerable customers and those taking our social broadband tariffs.
“The introduction of inflation-linked price changes, which comes into effect in 2024 when RPI is projected to be at around 1.5%, will give customers clarity and certainty about what to expect from their bills while fuelling the investment required both now and in future. We will be clearly communicating these changes directly to our customers over the coming weeks.”
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