Gas prices in Europe reached record levels over the last year, triggered by Russia's invasion of Ukraine, which drove up consumer prices.
The price cap announced Friday will take effect Oct. 1, after which it is expected to increase again, CNBCThe price cap is the maximum standard charge that energy suppliers can bill domestic customers for their electricity and gas bills, taking into account wholesale market prices and other industry costs, CNBC notes.
The Bank of England has predicted that the U.K.'s inflation may peak at 13.3% in October, higher than the 11% previously predicted, driven particularly by rising energy prices, per
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