UK Announces 80% Spike in Costs As Energy Crisis Worsens

UK Announces 80% Spike in Costs As Energy Crisis Worsens

UK Announces , 80% Spike in Costs , As Energy Crisis Worsens.

Associated Press reports that people in the United Kingdom are struggling to cope amid a cost-of-living crisis.

The U.K.'s energy regulator announced that the crisis will continue with an 80% increase in annual household energy bills.

The announcement comes following a record 54% spike in April.

.

AP reports that the latest price cap will take effect on October 1.

In January, energy bills are once again expected to rise.

Russia's invasion of Ukraine sent wholesale natural gas prices soaring and drove up consumer costs.

The U.K. is experiencing the highest inflation rate among Group of Seven nations.

In response, many workers have gone on strike, pushing for pay to keep up with the rapidly rising cost of living.

National rail workers, postal and port workers, garbage collectors and lawyers have all staged walkouts or strikes over pay disputes.

According to the Bank of England, inflation is expected to rise above the 40-year high of 10.1% which was just set in July.

England's central bank predicts that the record-high inflation will trigger a recession sometime in 2022.

.

According to a May study by the Joseph Rowntree Foundation, approximately one million low-income households have already taken on new or extra debt to cover an essential bill