MILLIONS OF BRITONS SET FOR LOWER ENERGY BILLS AFTER 7% PRICE CAP CUT

Most British household energy bills will fall from July after regulator Ofgem cut its domestic price cap by 7%, largely thanks to a fall in wholesale energy prices, but analysts warned the reduction could be temporary. The drop could help to curb inflation further after it eased to 2.3% in April, its lowest since July 2021 but still above the central bank's 2% target.

Ofgem's new cap of 1,568 pounds ($1,988.38) a year for average use of electricity and gas is down 122 pounds, or 7%, from the previous cap of 1,690 pounds and at its lowest since the winter of 2021/2022. However, analysts at Cornwall Insight said the cap is expected to rise again in October because wholesale energy prices have begun to rise again.

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