Falling gas prices 'just around the corner'

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Gas prices for consumers are expected to fall in the coming months despite the devaluation of the pound.

According to the Office for National Statistics the consumer price index (CPI) has risen sharply as consumables have increased in cost.

Food and drink have risen by 11.5 per cent, but during the same period gas costs have increased by 33 per cent.

However, it is hoped the rise will be short-lived as wholesale oil prices have fallen in recent months.

Mervyn King, the governor of the Bank of England, was forced to write to chancellor Alistair Darling to explain why the CPI was above its two per cent target.

He said that the Bank expects CPI to continue its fall, and claimed that taking into account falling energy prices " it is likely over the next year CPI inflation will move below target, although the profile of inflation could be volatile".

Meanwhile, Ofgem has said it will ban unfair energy pricing for UK customers.

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