housing percentage in a household budget

#HOUSING PERCENTAGE IN A HOUSEHOLD BUDGET DOWNLOAD#

This cost is likely to be offset among homeworkers, whose spending overall is more likely to have fallen because of the pandemic. Of those who said they were working from home at least once in the previous week because of the COVID-19 pandemic, more than four in five adults (82%) said they were spending more on utility bills, when interviewed by the OPN in November 2021. The impact of COVID-19 is also being felt in various ways, with 14% of adults reporting their household finances had been affected in the previous seven days according to the latest OPN (6 January to 16 January 2022). More than half (53%) said they were spending less on non-essentials, and around a quarter (26%) using their savings. Gas and electricity price movements are closely tied to the Ofgem price cap Default tariff cap level for dual fuel, £ and index prices for gas and electricity, monthly, Jan 2015 to Dec 2021ĭownload this chart Higher energy bills and food prices are the main contributors to rising living costs ImageĪs a result, 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. In response Ofgem are consulting on new proposals to ensure the cap reflects the “costs, risks and uncertainties facing energy suppliers”.Īfter the energy price cap rose in October 2021, consumer prices for gas and electricity rose by 17.1% and 8.7% respectively.Ĭurrently 12-month inflation rates for gas and electricity are at their highest level since early 2009, with gas at 28.1% and electricity at 18.8%. Since the summer of 2021, 25 energy suppliers have gone out of business and one entered special administration, mainly because of substantial rises in wholesale energy prices. The cap places a limit on prices for customers on default tariffs to 'keep prices fair' and protect them from market volatility. Some households were sheltered from these rises over the winter because of the Ofgem price cap. Gas is also used to fuel around a third of the UK’s electricity generation, so rising gas prices have in turn led to rising electricity prices. The UK imports around 50% of its gas from the international market, and most homes in England and Wales are heated by mains gas supply.

#HOUSING PERCENTAGE IN A HOUSEHOLD BUDGET DOWNLOAD#

Download this chart The wholesale price of gas was around four times higher than at the start of 2021 ImageĪs the global economy restarts after pandemic-related lockdowns, limited stocks of natural gas and supply constraints have driven prices higher.

Housing percentage in a household budget