From Fox Business:
Hailing a ride is becoming increasingly expensive for consumers.
As ride-share companies like Uber and Lyft combat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.
Industry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.
“The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,” Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.
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