MTA fares and tolls are expected to increase 35 percent by 2015 at a rate double that of inflation, according to the New York Post.
The new report, which was conducted by state Comptroller Thomas DiNapoli, looks at the MTA’s fare increases in 2008, 2009 and 2011 as well as those scheduled for 2013 and 2015 and the rate of inflation.
“Fare and toll hikes continue to outpace inflation, placing a burden on working men and women across the metropolitan region,” DiNapoli told the Post.
The 2008 fare increase matched the rate of inflation at around 3.9 percent, but the next year saw a 10 percent hike in fares and tolls, which was followed by a 7.5 percent price increase in 2011.
According to DiNapoli’s report, fares had risen 21.4 percent in four years, while inflation rose only 8.9 percent during the same time.
On the bright side, the MTA does have plans to cut costs and save $213 million by 2016, according to the comptroller’s office.
MTA Chairman Joseph Lhota, upon reading through the report, called it “thoughtful and thorough.”
“[The report] recognizes the significant financial challenges the MTA faces in the near term, the aggressive steps we have taken to meet them, and our ongoing efforts to address longer-term challenges, including identifying funding sources for our 2015-2019 capital program,” Lhota told the paper.
