Rail fares to rise by nearly 6% in March
By Michele Maatouk
Date: Thursday 22 Dec 2022
(Sharecast News) - Rail fares are set to rise by 5.9% next year in what will be the biggest increase in a decade.
Usually, rail fares are pegged to July's retail price inflation index. However, with the index hitting 12.3%, the government has intervened and abandoned the link with RPI.
Nevertheless, the near-6% hike - the largest since 2012's 6.2% increase - will be yet another blow to commuters as Britons struggle with the cost-of-living crisis, not to mention often woeful train services.
The cap is 6.4 percentage points below July's RPI and in line with average earnings growth for that month.
Transport Secretary Mark Harper said: "This is the biggest ever Government intervention in rail fares. I'm capping the rise well below inflation 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. We do not want to add to the problem.
"This is a fair balance between the passengers who use our trains and the taxpayers who help pay for them."
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