WMATA has officially approved a rate hike for Metro rail, bus and parking services.

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Rail fares will go up by 5 percent, bus fares will jump by a dime and parking will go up by 25 cents. However, the "peak-of-the-peak" fares will be eliminated.

Tuss reports that a $1 surcharge on paper farecards will also be added.

The rate increases are expected to go into effect July 1. The approval is contingent on a review of charges for MetroAccess.

Metro is hoping that the rate hikes will close a budget gap that is believed to be around $100 million for the next fiscal year.