Uber, Lyft prices to remain elevated during holidays, experts say
As travel picks back up, riders across the country have noticed higher costs from ride-hailing services like Uber and Lyft.
While company heads say they expect prices to drop as the pandemic ebbs, industry experts say costs will remain elevated throughout the holiday travel season.
Uber CEO Dara Khosrowshahi said earlier this month that average U.S. Uber prices were up 20% year-over-year, with the price hike largely driven by a shortage of drivers.
Ippei Takahashi, CEO of travel search engine RideGuru, said ride hailing is a "driver's market" these days, with travel demand outpacing the supply of available drivers.
Along with higher fares, he said travelers can expect longer wait times and "possibly many cancellations" over the holiday season.
Riders shouldn't hold out hope that they'll see pre-pandemic rates return any time soon. Lyft Chief Financial officer Brian Roberts said he expects Lyft prices will drop as "we fully emerge (from) the pandemic."
For more travel tips ahead of the holiday season, visit USATODAY.com