The price cap on average household energy bills is expected to fall again this summer to £1574 a year, according to leading industry analysts. Cornwall Insights said its forecast represented a 7% drop from the current level of £1690. Regulator Ofgem will announce the new price cap for the July to September quarter next Friday. If Cornwall Insight’s predictions are right that will mean a drop in the typical gas and electricity bill of around 25% over the course of a year with prices down by around £500 from July 2023. The cap was lowered by 12% to £1690 from April contributing to what is expected to be a big fall in the rate of inflation for the month. That will be revealed by the Office for National Statistics (ONS) on Wednesday and could even fall to as low at the Bank of England’s target rate of 2%. Cornwall Insights said: “While a reduction in the price cap is good news, bills still remain hundreds of pounds above pre-crisis levels and concerns continue to be raised about the effectiveness of the price cap in bringing consumer costs down to more affordable levels for households.” However, the cap is expected to...