Does 4G LTE consume more data?

I recenty bought an iPhone 5 and I currently have it set to "4G" HSPA+ to save battery, but does having LTE on consume my 300MB data even faster than HSPA+?

No. It's the same internet, only faster. The only problem with LTE is that it consumes battery life very quickly.

Nope, but it does drain your battery faster. But it's not enough drainage to notice a huge difference. I'd leave the LTE on.

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