Passengers on Transport for London services including the Tube, buses face on average a 4.2% increase.
There are also increases in the cost of rail services and access fee for TfL’s Cycle Hire scheme.
The increase was announced last month by Mayor Boris Johnson.
A single Oyster bus fare has increased by 5p to £1.40 while a Tube journey will now cost £2.10, up by 10p.
The annual Cycle Hire membership fee has doubled to £90. The Mayor has said this increase is expected to raise a further £6m from users of the loss-making scheme.
Mayor Johnson says extra revenue raised by the increases will allow further “investment on the transport network [which] will help us to provide faster, more frequent and reliable journeys for Londoners”.
The Mayor said he had been able to lower the scale of this year’s increase after securing £100m in Government funding.
Val Shawcross, Labour’s transport spokesperson on the London Assembly, said: “Londoners are hit with an above inflation fare rise, at a time when they are facing a real squeeze.”
Ms Shawcross added: “At a time when rent, food and energy bills are all rising well above inflation the Mayor needs to use his powers to reduce the pressure on Londoners.”
Liberal Democrat Assembly Member Caroline Pidgeon commented: “Under Boris Johnson the cheapest bus or tram fare – a single Oyster Pay As You Go fare – has soared from 90 pence to £1.40. While most people have seen hardly any improvements in their incomes the Mayor has imposed a staggering rise in the cost of just getting to work.”