Fares on TfL services rose by 1% on 2 January, in line with the July 2015 Retail Price Index (RPI). However a number of fares, including single bus fares and all but two pay as you go single Tube fares, will be frozen. Travelcard season tickets will increase by slightly less than 1%. The changes to fares are expected to raise an additional £43m a year and will be reinvested to modernise the network, a step TfL describes as vital as it increasingly looks to cover its operating costs from fares and other income. The pay as you go bus fare is frozen at £1.50, while the daily cap increases by 10p to £4.50, the same as the cost of three single fares.
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