ONS - The impact of rising energy prices on households The cost of living is rising for households across the UK, with energy prices a major contributor. This article explores how households are being affected by these rises, including a disproportionate impact for those on lower incomes. The wholesale price of gas is currently around four times higher than in early 2021, with significant rises through the latter half of the year, and, with gas also used to fuel around a third of the UK's electricity generation, rising gas prices have in turn led to rising electricity prices. Gas and electricity inflation rates are also at record high levels. After the energy price cap rose in October, consumer prices for gas and electricity rose by 17.1% and 8.7% respectively, and costs could rise even further when the new rate is implemented in April. Main points - While rising energy prices will affect most households across the country, they are more likely to disproportionately affect those on the lowest incomes who typically have less flexibility in their spending and are more likely to be in fuel poverty.
- Spending on gas and electricity is also higher as a proportion of disposable income for the poorest 10% of households (7%) compared to those in the richest 10% of households (2%).
- According to data from our Opinions and Lifestyle survey (OPN), two thirds (66%) of adults in Britain report their cost of living increased in the latest month (December 2021 to January 2022), with 79% of those citing higher gas and electricity bills.
- Almost a third (32%) of those who said their cost of living had risen are cutting back on their use of fuel such as gas or electricity. More than half (53%) said they were spending less on non-essentials, and around a quarter (26%) using their savings.
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