Tube travellers and London bus passengers will face above-inflation fare rises in the new year.

London Mayor Boris Johnson announced today that bus and Tube fares would be rising by an average of 4.2% from January 2 2013.

Mr Johnson also announced that charges for his "Boris bike" Barclays Cycle Hire scheme will double, with daily hire going up from £1 to £2, weekly access rising from £5 to £10 and yearly membership going up from £45 to £90.

He said he had managed to keep the bus and Tube rise down to 1% above the July 2012 RPI inflation rate by securing an extra £96 million of funding.

The average rise - the same as the January 2013 increase for national main line season ticketholders - means some fares will go up by more than 4.2% while some will go up by less.

On the "Boris bike" scheme, the majority of trips are made within the free 30-minute usage charge period and additional charges for late return, non-return and bicycle damage will not increase.

Mr Johnson said today: "Before the end of the year I will spell out further investment on the transport network that will help us to provide faster, more frequent and reliable journeys for Londoners, which is crucial to the economic development and growth that is so vital to our great city.

"This fares package is hugely important to our millions of passengers and I am very pleased to have secured nearly £100 million that will help to keep fares as low as possible, and protect the important concessions that we offer the most vulnerable Londoners."

Bob Crow, general secretary of the RMT transport union, said: "This increase shows that we are still paying off a heavy price for the expensive failure of the PPP (public private partnership) privatisation disaster.

"It also means that the mayor has no excuse for cutting staff and closing ticket offices as he's lumping on above-inflation fare rises.

"We believe there should be a policy of freezing fares to recognise the tough times people are facing, to increase the use of public transport and to help boost the economy."