Increasing household costs
Even though wholesale energy prices fell in 2016, our household energy costs jumped by almost £100 from £1,289 in 2015 to £1,383 in 2016. Unfortunately the falling value of the pound has meant that the cost of importing wholesale energy more expensive for British energy companies, which could ultimately be passed on to us consumers and affect our pockets. Even home insurance saw increases over the past year, rising from £135 on average in 2015 to £140 in 2016.
The huge rise in bills has undone what was an extremely positive year for consumers in 2015. Average household bills tumbled by £186 in 2015 compared to 2016 but have now risen back above their 2014 peak.