People are facing the grim option of either living in cold homes this winter or falling further into debt.

That is according to the Society of St. Vincent de Paul.

It is reacting to the news that residential gas prices are set to rise by 8.5%.

It could cause bills to soar by as much as €71 per year.

The Commission for Energy Regulation (CER) approved the request by Bord Gais Energy yesterday.

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The new tariff will take effect from October 1st.

Bord Gais Energy made a submission to the CER back in July for an increase of 7.54%.

But the CER says in the intervening period the price of gas has increased in Euro terms.

As a result of these changes the CER says it will allow an increase of 8.50% in tariffs.

St. Vincent de Paul spokesperson is John Mark McCafferty.

He says while it is a tough pill to swallow people should not panic.

He spoke with Breakfast here on Newstalk.

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