UK household energy bills are expected to surge by 16% in January, marking the largest increase in four years, according to forecasts from consultancy Cornwall Insight. This rise follows an earlier increase in October, driven by adjustments to Ofgem’s price cap. Markets anticipate an impact on the Bank of England’s monetary policy, with an 84.5% probability of a rate hike following the November meeting. This energy price surge could reinforce inflation expectations in the UK.
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