09 January 2024 , 16:03
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Less than three months remain until bill payers face another big hit as the likes of mobile, broadband and TV providers up their prices. April marks the start of a new financial year and the time when mid-contract price rises come into force.
EE is one of the providers that usually increases its prices. While it has yet to put out any information for 2024, advice it has given over previous years offer customers an insight into what they can expect.
It previously said: "Each year, we adjust the prices of our products and services in-line with the Consumer Price Index (CPI) rate of inflation, plus 3.9%. When we work out our prices, we use the December CPI rate published in January."
How much will bills rise?
The most recent CPI was released last month and stood at 4.2%. The December rate, which will be published next week, is what price rises are usually based on.
But if it remains around the same level then broadband bill payers should expect a rise of around 8.1% (4.2 plus 3.9). That's lower than many of the huge rises seen last year, but will still come as extremely unwelcome news.
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Uswitch says that the regulator Ofcom revealed in December last year that it plans to ban these inflation-linked price rises from broadband and mobile providers, so increases like this may look different in the future.
Woman checking her bills (Getty Images)Can you cancel if your price increases?
Whether or not you can cancel your contract and switch providers without having to pay a penalty fee often comes down to the small print in the terms and conditions. Most broadband contracts usually run for around 18 to 24 months.
Your provider may be able to increase this price by the rate of the RPI, if this is included in your contract - and many of the big names write this into their contracts. If this was not in your contract then you should be able to leave without paying a penalty.
If you're already over your minimum contract term then you can leave whenever you like. Ofcom rules mean that if you're still in a contract you could cancel it and switch providers if the rise is greater than the RPI rate.
You will have 30 days from when you are notified to do so. However, you could still face an exit fee if price rises are written into the terms and conditions from when you took the package out.
If you're in doubt, it's best to check your contract or get in touch with your provider.
What other deals are out there?
You might be able to get much better value for your money if you do switch providers, so long as you aren't hit with an exit fee. Sky has a big offer on this month.
The Sky Gigafast Broadband package see a huge £288 off the total price which is split across the full 18-month plan. It's one of two broadband-only packages slashed by the retailer and offers punchy speeds of 900Mbps. Its new £42 a month price tag will now cost you £756 across your total plan, a huge difference from its usual £1,044 rate.
To cut £288 off your upcoming bill you'll want to check out Sky's offers before the looming February 1 deadline. If you find it's out of your price range, however, then it's not the only deal on offer. You can opt for the 146Mbps Full Fibre plan too.
This will save you a total of £162 split across the same 18-month plan, and you'll pay £29 a month, it's a smaller overall saving but may be in a lot more people's budgets. Rivals including Virgin Media have current January sale discounts.
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TalkTalk is another provider offering a chance for you to save on your monthly bill as it launches a six-months half-price offer on its broadband plans, that you can check out here. You can also compare broadband prices on Uswitch.