Analysts from Cornwall Insights reported that UK households will see their annual energy bills decrease by £129, or 7%, in July, settling at £1,720. This reduction in the energy price cap is significant for many, offering relief amidst ongoing economic pressures. Although a further modest reduction is expected in October and January, the international factors affecting energy prices, including weather, EU gas storage rules, and geopolitical tensions, complicate predictions. Dr. Craig Lowrey emphasized the volatility of energy pricing and urged the government to ensure support for vulnerable households amidst necessary market reforms.
"The fall in the price cap is a welcome development and will bring much-needed breathing space for households after a prolonged period of high energy costs..."
"Prices are falling, but not by enough for the numerous households struggling under the weight of a cost-of-living crisis..."
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