Energy bills to rise for most Britons after 1.2% price cap rise

LONDON, Nov 22 (Reuters) - Millions of British households will see energy bills tick up in January after regulator Ofgem said it would increase its domestic price cap by 1.2% from January as volatile wholesale energy markets kept prices high.

The rise, though small, adds to cost of living concerns after British inflation accelerated by more than expected last month to move back above the Bank of England's 2% target, driven largely by a 10% increase in the energy price cap in October.

Energy secretary Ed Miliband said the rise would be a concern for families struggling with the cost of living and said the government was working to cut the country’s reliance on global fossil fuel markets to reduce energy prices.

Wholesale gas and power prices are a major part of the formula Ofgem uses to calculate the price cap. Prices hav...
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