Average gas and electricity costs have “more than tripled” in the last two decades, research from comparethemarket.com has concluded.
Using data from the Office for National Statistics’ consumer price index, the research found that the average cost of gas for households has risen by 221 per cent, while electricity costs have risen by 193 per cent.
However the costs of all other goods and services, measured in consumer price inflation, has increased by only 49 per cent.
Comparethemarket says the revised price cap level, which came into effect on 1 April, meant the average cost of electricity and gas jumped by 11 per cent and 9 per cent respectively, pushing up the overall cost of inflation.
Peter Earl, head of energy at comparethemarket.com, said: “The cost of these essential services that allow us to heat and light our homes, and cook our food, has risen exponentially over the last 20 years putting even more strain on our household budgets.
“There are many factors that drive energy prices; however, it can’t be denied that the introduction of the energy price cap has caused suppliers to push up prices even further on their standard and default tariffs, which could be adding hundreds more pounds to millions of household’s bills every month.”
Energy UK and Ofgem declined to comment in response.