NEW YORK (WABC) -- New York City is considering a taxi fare hike for the first time in a decade. According to the Taxi and Limousine Commission, the City will hold virtual public hearings on the ...

NEW YORK CITY (WABC) -- New York City is proposing to hike yellow taxi rates and surcharges for the first time in a decade, including raising the base fare from $2.50 to $3.

As CBS2's Elijah Westbrook reported, you could soon be expected to pay as much as 23% more if you hail a yellow taxi or livery cab. It would be the first change since September 2012.

Yellow taxi fares are set to jump an average of 23% per ride, the Taxi and Limousine Commission says. Expect the cost of Uber, Lyft and other app-based ride services to also rise.

A yellow cab taxi is seen on March 24, 2022, in New York City. (Photo by Michael M. Santiago/Getty Images / Getty Images) ...

Officials at the Taxi and Limousine Commission plan public hearings May 23 and May 24 on yellow taxi fare hikes — and will also consider fare hikes for the app-based companies Uber and Lyft.