Yahoo Finance Rail ticket prices jumped by almost 5%
Rail tickets prices increased by 4.8% in March 2022 compared to the previous year with the price of long distance fares jumping even further.
Long distance fares had the largest increase of 6.1%, with the London and South East and Regional sectors increasing by 4.1% and 4% respectively, according to the Rail fares index 2022 by the Office of Rail and Road.
London and South East sector retained the largest revenue share with 45.2%, albeit down from 54% last year.
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The average change in regulated rail fares from March 2022 was 3.7%, slightly below the 3.8% cap set by government.
These standard class fares include saver returns, standard returns, off-peak fares between major cities and season tickets for most journeys.
Across the unregulated fares, first class prices increased by 11.1% compared with March 2021 fares. This was driven by a 12.5% increase in the long distance prices, which accounts for over 80% of first class fare revenue, the report said.
Unregulated standard class fares saw an increase of 4.8% compared with 2021. Fares increased across all sectors; 5.5% in long distance; 4.4% in London and South East and 4.1% in regional tickets.
Season ticket prices increased by 3.5% but their market share of revenue fell by almost a half, from 17.7% in the previous year to 8.9% in the year to 1 March 2022. Uncertainty over travelling during the pandemic and the tendency to work at home has greatly reduced demand for longer-term season tickets.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “Bargain-hunting train travellers have been thwarted by fare hikes. Advance tickets, where organised travellers have always been able to track down the best bargains, saw an inflation-busting 8.8% hike over the year, while long distance standard fares were up 5.5%.
Read more: UK rail fares up 3.8% in biggest rise in nearly a decade
"Unfortunately this is likely to be small change compared to the enormous rail price hikes due next year."
Rail passengers face fare increases of more than 11% next year unless the government changes its policy, an industry watchdog has warned.
Rail fare increases are based on the retail prices index (RPI) inflation figure from July – and with RPI inflation hitting 11.1% in May it could rise even more by July.
The chief executive of Transport Focus called on ministers to push back the decision on setting fares for 2023 during the cost of living crisis, the Times reported.
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