PASSENGERS are set to be hit with above inflation increases when Transport for London (TfL) prices go up again in January.

Using a bus will cost an extra 5p per journey for Oyster pay as you go users (a 3.7 per cent increase).

And anyone paying a cash fare will have to stump up £2.40, a 4.3 per cent increase on this year’s £2.30.

Peak time zone one to six travelcards are set to rise by 3.4 per cent, from £15.80 to £16.40 and off peak the cost of a one day travelcard rises from £8.50 to £8.90, an increase of 4.7 per cent.

On the Tube, cash fares will increase by 20p and Oyster pay as you go fares will increase by 10p or 20p. The daily Oyster pay as you go cap for Tube, DLR and rail travel will be frozen at 2012 levels.

The fare increases on London’s Tubes, buses, London Overground, Dockland’s Light Railway (DLR) and trams come in on January 2 next year.

They will rise at one per cent above inflation overall.

London’s mayor Boris Johnson says this is necessary so TfL can continue its programme of investment in the capital’s transport network.

But he says concessionary travel for young people, veterans and older and disabled people will be kept so they can continue travelling for free or at a discounted rate.

Mr Johnson (pictured) said: “Before the end of the year I will spell out further investment on the transport network that will help us to provide faster, more frequent and reliable journeys for Londoners; and is crucial to the economic development and growth that is so vital to our great city.

“This fares package is hugely important to our millions of passengers and I am very pleased to have secured nearly £100m that will help to keep fares as low as possible, and protect the important concessions that we offer the most vulnerable Londoners.”