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Energy Price Cap Up 54% In Further CPI Driver

UK

UK energy regulator OFGEM has announced that from April the energy price cap will rise 54%, from GBP1,277 to GBP1,971 per annum, in a move that is set to provide a further driver to UK CPI, already running at multi-year highs.

  • As mentioned in our 1055GMT bullet, Chancellor Rishi Sunak is set to announce a support package to ease the impact of the cap hike at around 1130GMT.
  • The gov'ts increase to National Insurance contributions also comes into effect in April risking a notable spike in inflation in that month.

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