TUBE, train and bus fares will all increase from Wednesday across London.

Commuters already hit with an increase of parking their cars at tube stations in the New Year will now also have to pay an increase in travel on services provided by Transport for London.

Prices will rise by an average of 4.2 per cent – one per cent above inflation.

The price of travelling on a London bus with an Oyster card will rise by 5p to £1.40 and the cash fare will rise by 10p.

On tubes cash fares will rise by 20p and Oyster card fares will rise by either 10p or 20p.

The cap on daily Oyster card usage on tube, DLR and rail travel will be frozen at 2012 levels.

The Mayor of London, Boris Johnson said the fare revenue collected is invested back into improving the transport network across London.

He added: “This fares package is hugely important to our millions of passengers and I am very pleased to have secured nearly £100m that will help to keep fares as low as possible, and protect the important concessions that we offer the most vulnerable Londoners.”

Over 60s, young people, veterans and disabled Londoners will still be able to get concessionary travel within the 2013 price rises.