Small energy supplier Outfox the Market has announced it is increasing its variable tariff by 7.4%.
It will hit around 50,000 existing customers from 1st November, with their annual energy bills rising from £859 to £923.
This means that it will no longer be the cheapest supplier on the market – losing the spot by £2 – and consumers can no longer get an energy deal for less than £900 a year, according to Money Saving Expert.
The price rise is the second this year, with a previous one announced in June – increasing average energy bills by £110 a year in total.
Brad Goodfellow, Head of Operations at Outfox the Market said: “We are one of the last suppliers to increase prices in the face of significant wholesale increases and we have done our best to limit the effect it has for our customers.
“A 7.4% rise is a lot lower than many of our competitors and we will continue to be one of the cheapest suppliers in the UK.”