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Energy Bills To Soar As Price Cap Hiked To Staggering £3,549

BREAKING: Households on the Isle of Wight will see their energy bills rocket as the price cap is hiked to £3,549 a year.

The October rise follows a 54% increase in April, which saw average bills surge to £1,971 a year.

In all, around 24 million households in the UK will be hit by the price spike.

Soaring wholesale gas costs - fuelled by Russia's invasion of Ukraine - have driven the energy price cap increase, which is widely expected to spiral even further next year.

It ramps up the squeeze on households already wrestling with soaring food and fuel prices.

The sharp rise will further add to inflation, which the Bank of England is forecasting will hit 13% in the autumn, having already reached a 40-year peak of 10.1% in July.

It increases the likelihood of another interest rate rise, adding to the cost burden of many hard-pressed households.

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