New York City commuters should brace for a price hike.

The MTA board on Tuesday approved a fare increase bumping the cost of a single subway or bus ride to $3 from the current $2.90. The board also approved a 4.5% hike to the cost of Long Island Rail Road and Metro-North monthly tickets, as well as a roughly 7% toll increase for the MTA’s bridges and tunnels.

The new rates are slated to take effect in the first week of January, officials said. The board’s approval — which came by an 11-0 vote — comes during a mayoral race largely centered around the city’s high living costs.

“It’s always painful to do fare increases, but it’s responsive to what we’ve heard from riders and preserves affordability,” MTA Chair Janno Lieber said.

The changes will land as the MTA retires the MetroCard, requiring all riders to use the agency’s tap-to-pay OMNY system. The board voted to eliminate the 30-day unlimited ride option for the subways and buses, but the MTA will continue to implement “fare capping,” which limits the amount riders spend on transit rides in a seven-day period.

Under the new rates, subway and bus riders who use the same card or smartphone to pay their fares won’t be charged more than $35 over the course of a week, which is $1 more than the current weekly limit.

“ This moderate, roughly 2% a year fair increase is a gift from our political leadership that would not be possible if it were not for their intervention led by Governor Hochul,” Lieber said, referring to a tax hike on New York City area businesses passed in Albany earlier this year that has helped balance the MTA’s budget.

The agency also voted to get rid of coin payments on buses, which means riders who dump quarters into the change slots on buses will instead be required to load up OMNY cards at the vending machines in subway stations or at a retail store that partners with the MTA.

MTA officials noted they updated its OMNY website to show when a rider’s OMNY card was used to pay a fare, when it received a free transfer and how many rides someone has left before they reach their weekly $35 limit.