Utility prices set to rise in NSW

Households in New South Wales (NSW) will see their utility bills increase in the new year.

The Independent Pricing and Regulatory Tribunal (IPART) has revealed that gas companies are upping their rates, which will come as a huge blow for struggling Aussies.

To make matters worse, the Daily Telegraph reports that water prices are also rising by 17 per cent, even though homeowners have reduced their consumption by one per cent.

A recent study by Mercer showed that Sydney is one of the most expensive places in the world and many residents will have no option but to raid their savings accounts to cover the inflated cost of living.

IPART chairman Dr Peter Boxall said the organisation will conduct a 2013-16 price review and he is looking for feedback from the general public.

He also insisted the body will ensure any price increases are fair.

"We will rigorously assess these pricing proposals to ensure they are reasonable and protect the long-term interests of customers," Mr Boxall remarked.

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