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, requ

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