Npower customers face higher energy bills after the company became the latest utility provider to hike its prices.
Npower is the fifth of the “big six” providers to announce a price hike, following Scottish and Southern Energy, Scottish Power, British Gas and E.ON. EDF is yet to announce changes to its tariffs.
Npower said average tariffs for gas would increase by 15.7 per cent and electricity by 7.2 per cent from October 1, meaning the average monthly direct debit dual-fuel customer would see bills increase by 12.2 per cent.
The fourth largest provider in the UK blamed rising wholesale prices on the global market and a commitment to invest in future energy supplies. The price hike comes at a time when household budgets are being stretched by the high cost of living and muted wage growth. Figures today confirmed inflation in July increased to 4.4 per cent from 4.2 per cent the previous month.