Why Uber And Lyft Rides Got So Expensive

According to Rakuten Intelligence, the cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January of 2018 and July of 2021. Many riders have also noticed increased wait times for rides, and a recent driver shortage is likely to blame. In early July 2021, Uber and Lyft drivers were about 40% below capacity. The companies have taken notice of this driver shortage, and are investing millions worth of bonuses and base rates to convince drivers to return. But will it be enough to get drivers back on the roads?