HOUSEHOLD energy prices will rise this year due to the higher costs faced by energy suppliers, the Bank of England warned last week.
Suppliers are jostling to offer the cheapest fixed-rate deals that protect customers from rising bills, but analysts have warned that the small print in some deals allows suppliers to levy a penalty if you decide to switch.
The Bank of England’s inflation report last week said increases in infrastructure and distribution costs were “likely to result in small rises in domestic energy prices around the turn of the year”.
This will happen despite a fall in wholesale energy prices, down 9% since the Bank’s May 2012 report. Bills are likely to remain stable during the autumn as a result of these falls,