Regulated rail fares in England will rise by up to 5.9% in March, less than half the 12.3% inflation rate in July that the increase would have been based on historically, according to Britain’s transport department.
Due to “unprecedented levels of inflation,” the government said the annual increase was in line with July’s average earnings growth rather than the traditional retail price index.
The government, according to Transport Minister Mark Harper, is capping the increase “to help reduce the impact on passengers.”
“It has been a difficult year and the impact of inflation is being felt across the UK economy,” he said in a statement.
The government announced that regulated fares, which include commuter season tickets and standard tickets, will increase on March 5.
Prior to the Covid pandemic, fares were raised in January each year based on the previous July’s retail prices index (RPI). The rate at which prices rise is known as inflation, and the standard formula for fares is RPI plus 1%.
However, the government stated that rail fare increases for 2023 would be limited to 5.9% “for this year only,” well below July’s RPI figure of 12.3%.
Like last year, the government is freezing fares in January and February to give passengers more time to purchase tickets at current prices.
Transport Secretary Mark Harper said the rise represented a “fair balance” between passenger and taxpayer needs, and described the move as “the biggest ever government intervention in rail fares”.
“It has been a difficult year and the impact of inflation is being felt across the UK economy. We do not want to add to the problem,” he said.
According to the Office of Rail and Road, the fare increase will be the largest since a 6.2% increase in 2012.
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