Cab Fares Hiked in NYC

Effective today, cab fare in New York City is increased by 26 percent.

Last month, the city's Taxi and Limousine Commission approved an increase in the base rate for entering a cab to $2.50 from $2. The price for traveling every fifth of a mile will rise to 40 cents from 30 cents. City bus and subway rides cost $2.

Passengers will also pay a $1 surcharge to ride in cabs between 4 p.m. and 8 p.m. an incentive to lure more taxi drivers onto city streets during the afternoon rush. The commission also raised the flat rate for a taxi traveling to Manhattan from John F. Kennedy International Airport to $45 from $35.

The price increases are attributed to increased cost-of-living for drivers and installation of new technology that lets dispatchers track cabs electronically and allow riders to pay with credit cards.

Just a thought, the way prices are trending, soon a plane ticket will be cheaper than the cost of a cab ride to and from the airport.