Passengers will face new prices from New Year's Day
Rail tickets will rise by an average of 1.1% on Saturday, the Association of Train Operating Companies has said.
It said the "vast majority of people travelling by rail would see a fall, no rise or an increase below inflation".
Tube fares in London will go up by an average of 3.9%. Bus fares paid using an Oyster card rise by 20p to £1.20.
However, some rail fares will go down by 0.4% because the annual rise for regulated fares is linked to Retail Prices Index (RPI) inflation.
These include season tickets, but unregulated fares, which include many off-peak services, are rising.
This means, for example, that a supersaver fare from London to Swindon in Wiltshire will increase by 15% to £23.
Atoc was criticised earlier this year for not itemising, as it normally does, each train company's average unregulated fares rise.
Some train companies, however, have given details of their unregulated fare rises.
Virgin Trains is increasing unregulated fares by an average of 2.8%, while ScotRail's rise is 3%, and turn-up-and-go fares on Southern trains will go up by 4%.
A number of companies, including National Express East Anglia, First Capital Connect, TransPennine Express and Merseyrail have frozen their unregulated fares.
But the Southeastern train company said some of its unregulated fares were rising 7.3% and others by 2.8%.
The company has just introduced 140mph high-speed Javelin trains on its Kent services into London, and the increases mean Southeastern passengers will find their season tickets going up by 1.6% whether they use the Javelin trains or not.
Michael Roberts, chief executive of the Association of Train Operating Companies (Atoc), said: "The fact is that fares will rise by an average of 1.1% in January.
"Not only is this the lowest rise since privatisation, it also comes in below the expected rate of inflation, representing a real-terms cut in fares for many passengers.
"The rail regulator's figures show that the average price paid for a single journey is just £5.05. The 1.1% increase will mean this figure will rise by 6p to £5.11."
'Too little, too late'
Transport Secretary Lord Adonis said the reductions were "good news" for many passengers.
"For the first time in a generation they will see the cost of their tickets fall. I hope that this will encourage more people to travel by train, which is also good news for the economy and the environment."
The Campaign for Better Transport's public transport campaigner Cat Hobbs said: "Regulated fares will fall by 4p for every £10 paid.
"This is too little, too late for passengers who are already paying hundreds of pounds more because of the government's policy of increasing fares.
"UK train fares are already 20% higher than the European average so the government needs to make serious cuts to make taking the train affordable."
London Mayor Boris Johnson defended the Tube and bus increases.
"I know the fares rises will be hard but, believe me, without them these huge improvements in our quality of life - and the retention of the standing of our city - would not be possible," he said.