UK energy prices rising faster than in most countries in developed world, study finds

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A new study has found energy prices are rising at a faster rate in the UK than in the majority of developed nations.

Conducted by the House of Commons Library and based on figures provided by the Department of Energy and Climate Change (DECC), it highlighted that domestic gas and electricity prices have risen by 33.85 and 23.5 per cent in three years - between 2010 and 2013.

Only in Ireland were electricity prices found to have risen by a greater amount during that period - up to 24.7 per cent. Meanwhile, the price of electricity fell in Norway - by 16.5 per cent - and Hungary - by 17.7 per cent.

The House of Commons Library also found that the cheapest electricity suppliers on the continent were situated in Finland, France, Greece, Hungary and Poland.

Similarly domestic gas prices in the UK were found to have risen at one of the highest rates amongst the world's developed countries.

Shadow energy secretary, Caroline Flint, is expected to speak about energy price rises when delivering a speech in Reading this week.

In it, she is expected to claim that the cost of household energy bills has increased four times as quickly as wages since 2010, according to the Independent.

Ms Flint is also expected to reveal more measures that Labour believes are necessary in reforming the UK energy market.

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