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British Gas announces 9.2% increase in energy prices

Gas and electricity charges are set to increase by 8.4% and 10.4% respectively

British Gas has revealed that its energy prices are set to increase by an average of 9.2%, with the new rates taking effect from November 23rd.  

Unveiling the increase this morning, the firm said that electricity costs will jump by 10.4% while gas charges are set to rise by 8.4%.

Managing director of British Gas Residential Energy Ian Peters explained: "We haven't taken this decision lightly, but what's pushing up energy prices at the moment are costs that are not all directly under our control."

Despite Mr Peters' comments, Make It Cheaper research has previously revealed that 44% of businesses believe suppliers are continuing to hike prices simply as a means to pursue higher profits.

Jonathan Elliott, CEO and founder of Make It Cheaper, said: "Two thirds of the UK's electricity is consumed outside of the home and it's where suppliers make a lot of their profit.

"We've already seen business energy prices go up by 6% this year so this round of price rises has the potential to hurt them even more than households."

The news comes exactly a week after SSE announced an 8.2% increase to domestic bills, which will come into force on November 15th.

With the rest of the Big Six suppliers expected to follow suit in the coming weeks, the message for consumers continues to be that switching to a fixed tariff is an effective way to dodge the price rises.