Ovo hikes prices 7.7% - undoing January's cut

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Ovo Energy has announced it will increase its fixed price dual energy package by 7.7% - with the price change kicking in immediately. It means the New Energy dual tariff will now cost consumers an average of £1,140 a year, just under £80 more than it would have set them back in January.

This seems perverse in an era when we were just getting used to the idea of our bills coming down, so what's going on?