The inflation-busting 4.6% hike, which is set to come into effect in March 2025, is in line with national rail fare increases.
It had been expected since October that Tube fares would soon have to rise, after the Transport Secretary suggested this was a condition of TfL’s £485 million funding settlement for next year.
And although prices will rise on the Tube, Overground and Elizabeth line, Sadiq Khan has revealed that he would freeze bus and tram fares for a sixth time next year.
City Hall has said that despite the increases, London train fares in March 2025 are set to be 9% lower than if fares had risen in line with those elsewhere in the UK since 2016.
The changes mean that daily TfL caps will increase by between 40p and 70p.
Someone travelling in zones 1 and 2 will have their daily fare capped at £8.90, increasing to £10.50 a day for zones 1 to 3.
Pay as you go Tube fares from zone 5 to zone 1 will rise by 10p at both peak and off-peak times.
The ‘London bus hopper’ fare, which provides unlimited bus and tram travel within an hour of a customer’s first journey, will remain at £1.75 until at least March 2026.
The Office for National Statistics said inflation rose by 2.3% in the year to October.
Announcing TfL’s latest fares package, Mr Khan said: “I’m really pleased to announce that I’ll be freezing bus and tram fares yet again next year, making it the sixth time since 2016.
“More Londoners use the bus than any other form of public transport, and it will particularly benefit those on the lowest incomes.
“Following the Government’s budget, ministers made clear that to secure national funding for key transport projects in the future, TfL Tube and rail fares would need to increase in line with national rail fares.
“Vital national government funding will allow us to progress exciting future projects, such as Superloop 2 and more upgrades to the Tube network, as we continue building a fairer, safer and greener London for everyone.”