Mayor Boris Johnson had originally announced average increases of 7.2%.
However in December Chancellor George Osborne announced he was making funds available to lower the increase.
The Mayor subsequently announced a revised fares package that would see “overall” increases of 5.6%, although some fares are increasing by as much as 8%.
Oyster Pay as You Go (PAYG) bus fares will now rise by 5 pence while the weekly bus pass will increase by £1.
Average Tube fares have gone up by RPI plus one per cent and Oyster PAYG peak zones 2-5, 3-6 and 2-6 will rise by 4 per cent.
TfL rail fares are increasing by as much as 7.7% while the Oyster zone 1-2 PAYG will increase by 8%.
City Hall and Transport for London say increases are necessary to maintain investment but rivals in this year’s Mayoral election say they could have been avoided.
Labour’s Ken Livingstone has promised to cut fares if elected.
In November 59% of respondents to a Comres opinion poll that: “In the current economic climate, tube fares should be kept as low as possible even if this means stopping upgrade works”.
