Ofgem has announced the energy price cap for the third quarter of 2024, setting it at £1,568 annually for a typical dual fuel consumer.

This represents a 7% decrease from April’s cap of £1,690.

The new cap reflects the impact of lower gas and electricity prices earlier in the year, despite a recent rebound in wholesale prices.

The July cap marks the second consecutive quarter of falling energy bills and a significant drop from the figures for the same period in 2023.

This decline has contributed to reducing the UK’s annual inflation rate to a near three-year low of 2.3%.

However, Cornwall Insight forecasts suggest that the decrease may be temporary.

With an uptick in the wholesale market, energy bills are expected to rise again before winter.

Predictions indicate that a typical consumer bill will increase to £1,762 from October and remain around this level into January 2025.