Today the Office for National Statistics revealed that the Retail Prices Index (RPI) inflation measures for July have risen to 2.8%, which as a result, means commuters will be hit by a rise in train fares this January.
Commuters will be facing higher train fares from 2 January 2020 due to train companies calculating their ticket prices, including season tickets, based on July’s RPI inflation figures. This means commuters could find themselves having to pay over £100 more for an annual train ticket.
Many campaigners argue that train companies should instead calculate the price of tickets based on the Government’s preferred measure of inflation, the Consumer Prices Index (CPI), which increased to 2.1%.
Consumers who need to use trains to commute to work should think about factoring this price increase into their budget now by saving towards the rise in price. With just four months until the ticket price rise in January, putting away a small amount into a savings account each month from today will help to lessen the impact of the price rise by having available funds to draw upon to pay for the ticket. As well as this, consumers should be aware that train tickets will be more expensive next year and, as such, should budget this into any travel plans they have during 2020.
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