October is set to be a dismal month as the cost of living crisiscontinues to wreak havoc on household economies across the country.
The UK is already facing the fastest price increase in 40 years, but bills are set to rise further.
A new energy price cap will come into effect from his October 1st - just as most homes normally turn their heating on.
In addition to rising energy prices,inflation continues to rise - interest rates are being raised in retaliation.
The Bank of England has also warned that the UK is headed for recession at the end of the year.
Our team of Cost of Living experts are here to help you get through a very difficult year.
They bring you the latest money news and offer expert advice.
Whether it's skyrocketing utility bills, weekly shop costs, or tax increases, our team is always here to help.
Join us for a Facebook Live Event every Thursday at 1pm to answer questions and give advice. facebook. Visit com/dailymirror/live to watch. Learn more about our team of experts here.
If you have any questions or want to share your story,webnews@mirror. co. Email us at uk
Consumer rights expert Martin James said:
"Millions of us fear it, but knowing what lies ahead means we can plan now. It doesn't feel much pain when a Shocktober hits."
Energy Price Cap Raised October 1st
Ofgem Energy Price Cap - Supply
Cornwall Insights analysts set limits on how much consumers can charge per unit of electricity, up to an unprecedented £3,582 before rising further to £4,266 in January 2023 I predict it will.
The maximum price is currently set at £1,971 for standard debit use. This represents a potential gain of £1,611.
Ofgem has yet to say how much the price cap will increase. It will be announced on August 26th.
Images:
Getty Images/iStockphoto)Temperatures begin to fall
The start of a new price cap will UK starts to fall when it gets really high.
The last time the price cap was adjusted was in April. That is, the British have weather almost warmer since then, and their energy consumption has decreased.
Average October temperatures in England are 11.8°C, Wales 11.4°C, Scotland 9.2°C and Northern Ireland 11.0°C.
Customers typically accumulate 'credits' during the warmer summer months to compensate for increased usage during the colder months.
This idea still works in principle, but the 'trust' you've built doesn't go as far as energy prices go up.
Most people turn on the heating in October
The exact date most people turn on their central heating changes each year, but it's usually October when the clocks turn back.
However, the moment the heating is turned on, the bill starts to rise, prompting families to turn it off for as long as possible.
Money experts, including Martin Lewis, are urging people to "warm the human" instead of thehouse.
For example, wear warm clothes or use a hot water bottle.
{127
AFP via Getty Images)Inflation - set to reach 13%
, up from 13% in October - 9.4% now, hitting a 42-year high.
Inflation is a number used to describe how much the price ofcommodities has risen
If 1 pound is currently 1.02 pounds today, its inflation rate will be 2%.
Inflation has also pushed interest rates higher, rising from 0.1% to 1.75% since December.
Interest rates affect the cost of borrowing money.
If interest rates go up, borrowing costs will go up, for example if you have a mortgage.
The next interest rate decision by the Bank of England will take place on 15th September, followed by 3rd November.
Start of recession expected
England Banks have warned that the UK economy is likely to slip into recession between the end of this year and 2023.
The economy is projected to contract in the last three months of 2022, i.e. he October, November and December.
A recession is defined as two consecutive quarters in which the economy contracts.
This means the UK could be in a technological recession by the end of her March 2023.
The latest Gross Domestic Product (GDP) figures for May 2022 show the economy grew by 0.5% after the downturn.
Image:
PA)Budget - More support to be announced.
The Finance Minister normally submits thebudget in October or November, though no specific dates have been announced yet.
Government and Nadhim Zahawi All eyes are on providing further support packages for cost of living crisis amid rising concerns over utility bills .
Government confirms ex-Prime Minister Rishi Sunak will reduce electricity bills for all households by £400 he has not renewed cost of living support since May .
But since then, the price cap forecast has deteriorated significantly. At the time, Ofgem's boss said the bill could rise to £2,800 for him.
Ministers held crisis talks with utility bosses yesterday, but no new relief measures have yet been announced.
Clocks Turn Back - October 30
A clock that means the days are getting shorter and darker. This can be a real struggle for many people.
Several studies have found that the number of depression cases increases significantly when the clock changes in the fall.
This is a constant reminder to talk to someone, especially if you're struggling with bill increases.
Samaritans offers a free 24-7 helpline on 116 123, jo@samaritans. org or samaritans. org to find the center closest to you.
For anxiety, you can call the No Panic Helpline on 08449 674 848.
CALM (Campaign Against Living Misery) has a helpline number 0800 585 858 and an online chat facility at: www.thecalmzone.net.
Two months to Christmas
Two months to Christmas in October. Panic about how they can spend the festive season.
Budgeting now and setting realistic budget goals can ease the financial stress of Christmas.
Don't expect too much from everything from meals to gifts.
October half term - increased parent spending
Most schools in the UK take his two weeks off in October, although the exact dates vary.
Most of England's schools are scheduled for the half term from 23rd October to 27th October.
Some schools in Scotland are closed a little earlier, from 17th October to 23rd October.
With the school year halfway over, parents have to spend more money on food, other activities, and general entertainment for their children.
Image:
Getty Images)Eight months after Russia invaded Ukraine
October 286} Russia invaded Ukraine on 24 February.
Gas prices surged globally after the conflict began and continue to rise.
In the UK, gas prices have tripled throughout 2021 and doubled again this year.
This is despite the UK importing only about 4% of its requirements from Russia last year as global spillovers pushed prices higher.
Initial wholesale gas prices have started to surge following the Covid pandemic - suppliers pushing price increases onto customers.
Business closures have reduced global energy consumption. It then recovered rapidly as the economy started to open again.
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