The cover price will impact the Monday to Friday issues of the News International-owned quality title. Saturday's issue of the title, priced at £1.50, and the Sunday Times, priced at £2, will not be impacted.
Last year witnessed a raft of cover price rises across the quality national newspaper market, as publishers grappled with the recession and falling newspaper circulations.
The Guardian, Financial Times and The Times have all increased their cover prices over the past 12 months.
To offset the impact of cover price rises, publishers including News International and Telegraph Media Group have been pushing discount subscription schemes. The Independent, meanwhile, has launched a home delivery service.
While the cost of broadsheets has been increasing, Northern and Shell have managed to drive the circulation of its tabloid, The Daily Star, by cutting its cover price to 20p.
The Times' advertising is handled by CHI & Partners, which was handed News International's £15m account without a pitch in 2007.
The title's six-month average circulation is 576,211, down 7.24% year on year.
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