The average cost of energy in the UK has tripled across the last 20 years.
That’s the verdict from price comparison service Compare The Market, which says the average cost of domestic gas has risen by 221%, while the price of electricity has soared by 193%.
It notes these price rises outstrip those of all other goods and services across the economy, the collective price of which increased by an average of only 49%.
Compare The Market notes around 15 million households have seen a significant rise to their monthly energy costs since the 1st of April as a result of Ofgem’s new price cap level, which it blames for the price of electricity and gas jumping by 11% and 9% respectively.
It suggests this meant households on a standard variable or default tariff face an average annual increase of £117.
Peter Earl, Head of Energy at Compare The Market, said: “The cost of these essential services that allow us to heat and light our homes and cook our food, has risen exponentially over the last 20 years putting even more strain on our household budgets.
“There are many factors that drive energy prices; however, it can’t be denied that the introduction of the energy price cap has caused suppliers to push up prices even further on their standard and default tariffs, which could be adding hundreds more pounds to millions of household’s bills every month.”