The Latest Breaking News from Cornwall Insight

MSE founder Martin Lewis says consumers should consider picking a fixed rate energy deal ahead of prices rising again from October, with average gas and electricity costs predicted to be £3,549 a year

The new price cap, announced on Friday morning, is a rise of more than 80% on April's figure of £1,971 and will come into effect for around 24 million households from October 1.

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Robert Buckley, head of relationship development at energy consultancy Cornwall Insight, said the price cap was “always going to lead the market into disrepute"

Analysts say the energy price cap could rise to as much as £7,200 before falling again

Today, energy regulator Ofgem announced that the price cap would rise on 1 October from £1,971 to £3,549. It gets worse. Cornwall Insight, the consultancy that previously predicted today’s rise to the virtual penny, warns it’ll climb to nearly £7,000 a year by next April.

The energy price cap is now being reviewed every three months instead of every six

The price cap for the average household is already increasing by 80% to £3,549 for the three months starting in October

The cap is going up 80% in October - and it could be next year before we see any fall

The massive rise in energy prices is putting pressure on millions of households across the UK but the October price cap rise won't be the last increase, according to experts

Cornwall Insight is now predicting the Ofgem price cap could hit £5,386.71 in January, before rising again to £6,616.37 in April, in more bleak news for families