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Uber, Lyft prices on rise as more people return to pre-pandemic life

by staff

When there are not enough drivers to meet demand, the companies pay them more, sometimes resorting to so-called surge pricing to lure drivers to areas where demand is high. Some recent surges have made prices jump 50% or more, said Daniel Ives, managing director of equity research at Wedbush Securities. Surge pricing can be a boon for drivers, but it sometimes provokes outrage from riders, especially during holidays and large events when demand can send prices soaring.

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