This year’s increase in the cost of a standard class annual season ticket to London was 5.8%, slightly below the average permitted under the ‘RPI + 1 percentage point’ formula which applies following the concession announced in the Chancellor’s Autumn Statement. Last year the increase was 7 percentage points higher than the inflation rate!

The chart below shows the trend in fares relative to inflation. Fare increases taking effect in January are are linked to the RPI inflation rate for the previous July.