Households' savings accounts could be hit by rising energy costs

Monday 09 November 2009

Article by Mozo

Aussie households’ savings accounts may take a dint in the coming months as energy costs increase.

Both local MPs and the Energy and Water Ombudsman have received an increase in complaints on the back of a 22 per cent hike in electricity prices, according to the Sunday Telegraph.

The latter organisation has seen a 17 per cent rise in protests in the last six months, which represents 1,392 disgruntled customers.

Ombudsman Clare Petrie spoke to the news provider. She said people are struggling and pointed out that upping energy costs ahead of winter is particularly tough on consumers.

"Households are hit with a double whammy of higher costs and higher usage. It ends up knocking people for six," Ms Petrie remarked.

This may prompt some individuals to look for cheap credit cards in order to boost their family’s finances.

Price regulator IPART approved the new costs of electricity earlier this year.

The Australian Bureau of Statistics revealed in its latest Consumer Price Index that electricity prices experienced the most significant quarterly increase in cost of 11.4 per cent during September.

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