for people in england, scotland and wales, average energy bills are set to fall by over £400 a year, that s over $500. the energy regulator ofgem has lowered its price cap for the typical household bill to £2,076, though the actual bill will still, of course, depend on how much energy people use. at its peak last year, the price cap reached more than twice that level, but households were shielded from the full impact of energy prices by a government price guarantee of £2,500. let s get more now from our personal finance correspondent kevin peachey. finally some good news. bills are still high but not as high as they were? ., , , still high but not as high as they were? . , , . ., , were? that this is certainly the case. were? that this is certainly the case- energy were? that this is certainly the case. energy prices were? that this is certainly the case. energy prices clearly - were? that this is certainly the case. energy prices clearly a i were? that this is certain
because the eurozone s largest economy is now officially in recession. germany has had two consecutive quarters of negative growth. the country s economy contracted by 0.3% between january and march. this follows a contraction of 0.5% in the final three months of 2022. a drop in consumer spending was main cause of germany s disappointing performance in the first quarter, with household consumption falling by 1.2%, as the cost of living crisis continued to cause headaches for millions of people. joining me now is christian schulz deputy chief european economist at citi bank. thank you for being with us. perhaps no great surprise for those who watch those numbers, but it is symbolically important that what was once was a powerhouse economy is now technically in recession. technically in recession. indeed. germany s - technically in recession. indeed. germany s. .. they ve technically in recession. indeed. germany s. .. they ve had - technically in recession. indeed. germ
tucked away in the heart of old delhi is this 80 year old shop. its claim to fame, traditional indian milk sweets. it sees a steady stream of customers through the day. but with milk prices on the boil all through last year, business has simmered. translation: our profits are down. customers are now buying half the quantity of sweets compared to a year ago. india s food inflation is primarily driven by cereals and milk. and in the world s largest milk producing nation, import of milk and cream has gone up by over 40% in the last two years. travelling 100 kilometres outside delhi to neighbouring haryana, the reasons become clear. durgapur was once a village of dairy farmers. until two years ago, krishnakumar dahiya had run a thriving dairy farm
driven by cereals and milk. and, in the world s largest milk producing nation, import of milk and cream has gone up by over 40% in the last two years. travelling 100 kilometres outside delhi to neighbouring haryana, the reasons become clear. durgapur was once a village of dairy farmers. until two years ago, krishnakumar dahiya had run a thriving dairy farm for two decades. translation: our cattle were falling, severely ill and dying. l buying new ones is very expensive and the cost of fodder had also doubled. nearly 200,000 cattle died of lumpy skin disease in india last year, stemming the flow of milk production in the country. industry experts say the actual number could be higher. this dairy farmer admits it s been tough to keep his business afloat. supply chain disruptions post covid