When the new UK inflation rate will be announced and what it means for energy bills

Inflation is predicted to fall to as low as 8 percent next week- easing the pressure on households feeling the pinch due to the cost-of-living crisis

: “The Government needs to lower the historically high burden of taxation from businesses and people forced into upper rate tax.”

He added: “Only by doing that will we be able to make the case for a Conservative government at the next election.”As the rate of inflation is set to fall, energy is set to follow. Thewill be announced on Thursday, and Ofgem’s director of strategy, Neil Kenward said energy bills will “come down considerably” from the current rate.

Households are paying an average of £2500 a year for their gas and electricity and it is predicted this could fall around 18 per cent to £2,503 in July. Prime minister Rishi Sunak welcomed the potential for an early tax cut, saying: “I’m a low-tax conservative… I want people’s hard work to be rewarded so I do want to be able to bring people’s taxes down. With high inflation and the rate of borrowing it is responsible to deal with that first.”that falls in inflation could mean the Bank of England holds interest rates at their current level rather than increase them.

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