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It’s National Price Hike Day and things just got almost £6 billion more expensive for the UK

It is National Price Hike Day in the UK on 1 April – and the cost of living is set to spiral upwards by £206 this year for every UK household.

Brits are set to be hit with a raft of inflation-busting price hikes on Thursday. According to the data, each household will have to find extra cash over the next 12 months to cover the increased costs of standard bills across the UK.

And in real terms, that means an eye-watering £5.95 billion in extra costs over the next 12 months across the 27.6 million households in the UK.

Compare the features of some of the best current accounts and their interest rates and fees, to see if you could switch to a better deal.

James Andrews, personal finance expert at money.co.uk, said: “The financial year means many companies will be increasing their costs. In some instances, for example with your electricity bill, you’ll be notified of the change – but the vast majority of price changes have either already happened or will come with no warning at all.

“Although some of the changes seem small, they add up to a £206 extra for each household, which is hardly ideal given the particularly turbulent financial year many of us have had.

“Some price increases – such as that on stamps, prescriptions and TV licences – are unavoidable but you can save yourself some cash this year by ensuring you have the best possible energy, phone and broadband deal. Be constantly on the lookout for new offers, and don’t hesitate to switch providers if your contract is up and a better deal can be found elsewhere.”

New bank accounts are offered all the time, so compare all of the best options to make sure you get the right one for you.