Household energy bills are set to fall by another seven per cent in July – saving consumers around £500 a year – when the latest change to the price cap takes effect.

Energy consultant Cornwall Insight said it expects the typical household’s energy bill to fall from £1,690 a year currently to £1,574 on July 1.

But this is slightly higher than the £1,560 it previously predicted, while Cornwall added it expects Ofgem to increase the energy price cap in October, before dropping it again in…