The cost-of-living crisis has been one of the major stories of the past year, but just how far did energy prices rise in Northern Ireland in 2022? ClodaghLRice looks back on a year of record inflation
• SSE Airtricity: Typical annual bill in January 2023=£899 - up 19% from January 2022• Budget Energy: Typical annual household bill in Jan 2023=£1,337 - up 22% from January 2022All of the prices above reflect the government EPG discounting electricity by up to 19.9p per unit and 4.8p per unit for gas in November, as well as the change in that discount from January when it will be reduced to 13.6p for electricity and 3.9p for gas.
In the autumn statement, an additional £200 was announced to take into account the large proportion of homes here on home heating oil and At the end of 2021, the base rate was 0.25% but it has risen rapidly to 3.5% by the end of 2022 - the highest rate in 14 years.was described as "painful, but necessary" and makes borrowing much more expensive, which has a huge impact on mortgages.
It's now expected interest rates could peak at about 4-5% next year, but that's lower than initially expected after the post "mini budget" market turmoil.
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