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Double digit energy bill increases are expected to send inflation above 5%
21/11/2011
It has recently been announced by the Bank of England that inflation rate is likely to increase by a further 5% from 4.5% to 5% over the next couple of months.
This will cause a further soar in the cost of household bills, which according to ASDA has already made hard pressed families £728 worse off throughout the year than they were at this time in 2010.
Spencer Dales, the Bank’s chief economist told the Daily Mail that the surge in cost of living has been caused by double digit price rises by the UK’s energy giants.
All six major gas and electricity suppliers have announced price increases of as much as 19% since the start of the summer, pushing up the average annual dual fuel bill for millions of households by more than 14%
Homeowners aged over 55 years who are concerned about rising inflation and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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