The nation’s favourite money guru has forecasted how energy price caps are likely to play out over the next twelve months.
Martin Lewis, of Money Saving Expert fame, took to X, formerly Twitter, to advise cost-savvy consumers on how best to plan around energy expenditures for the coming year.
He wrote that as of Sunday the price cap will drop 7%, meaning that for every £100 consumers have spent previously, they’ll now be paying £93.
In January, the level is anticipated to rise by 3.8%, meaning £96.50 for every £100, before going down again in April by 4.2% to £92.50.
By July, the price cap will reduce by a further 2.1% to £90.50, before rising again by 2.7% in October to £93.00.
Lewis warned against forecasting beyond the next twelve months, saying: ‘The further out you go the more it is crystal ball gazing.’
He added his predictions were based on information from Cornwall Insight, which provides critical research into energy markets.
Other pearls of wisdom the former financial journalist has handed out recently include on how motorists can save money on car insurance amid high inflation.
He said: ‘Take a few minutes to check if you’re overpaying. If you are, even if you’re not near renewal, you may be able to lock in a price to forestall future increases for a year.’
To avoid ballooning premiums consumers ought to search for new, more affordable deals, while also being wary of possible early-exit fees from existing policies.
One reader of Lewis’ newsletter even claimed to have saved almost £800 using the MSE’s price comparison tool.
The Money Saving Expert also offered a piece of little known advice to anyone who suspects they’ve received a scam call.
He said: ‘Phone number to remember: 159.
‘If you need to call your bank urgently (e.g. it’s just called you, and you’ve hung up as it may be a scam) and can’t remember its number, just call 159 and it’ll put you through.’
Calling this number will then help people tell if they have received a scam call or not.
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