Driver shortage led to surge in Uber and Lyft prices

By Nihal Krishan

Published June 1, 2021 4:57pm ET

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Driver shortage led to surge in Uber and Lyft prices — FILE - In this Jan. 4, 2013 file photo, Lyft passenger Christina Shatzen gets into a car driven by Nancy Tcheou, in San Francisco. Boston is considering restrictions on ride-sharing services like Uber, Lyft and Sidecar and lodging websites like Airbnb, HomeAway and FlipKey, which allow users to book short-term stays in private residences. (AP Photo/Jeff Chiu, File) | Jeff Chiu

Uber and Lyft fares have surged because of a spike in demand post-pandemic and a shortage of drivers caused in part by the federal government’s extra unemployment benefits.

The ride-hailing giants acknowledged that their prices have gone up and wait times for customers to get cars are also longer, according to the New York Times.

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