Iirc it was a part of the MTA/MetroCard budget remedy in early 2019 (went in effect on 21 April 2019) in order to keep the base subway/bus fare at 2,75$ (still that amount today, even w/ OMNY/contactless pay), which fortunately they’ve done, but had to cut out the 5% bonus you had when reloading 5,50$ or more. It also meant bumping up prices of unlimited MetroCards to 33$ (7-day) and 127$ (30 day) which they’re at today in December 2022. In a way, Metro-North & LIRR fares increased too. Thanks to federal & state funding, even in the midst of the pandemic, fares have been stable, but it did mean cost of tolls for crossing MTA Bridges & Tunnels did get a slight increase in 2021.

It’s plausible at some point next year/2023 and/or possibly 2024 that subway/bus fares would increase past 2,75$ (where they’ve been since March 2015). State officials/MTA’s board are saying the agency’s lacking money, so they may aim to bring it up to 3$-3,50$ (or more) per ride, but time will tell given the cost of everything else in the city’s going up.