Figures released today (Tuesday August 18) by the Office of National Statistics show that the Retail Prices Index (RPI) figure for July, which is used by the government to calculate regulated fares for the following year, was one per cent.
This means that no regulated rail fares will rise by more than that figure in 2016, making it the lowest fare increase since 2010.
Claire Perry, the Government’s rail minister, said: “As part of our long-term economic plan, we are investing record amounts in transforming the UK’s rail network in order to provide better journeys for everyone, and fares have an important role to play in delivering this investment.
“But I know that many families are concerned about the cost of rail travel, which is why we are putting an end to above inflation fare increases. This will make a real difference to household budgets, saving season ticket holders around £425 each over the next five years.
“It also means that for first time since 2002 wages are increasing by more than fares, which is real progress for the passenger.”
What do you think of the price of rail fares? Comment below or email the newsdesk.
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