Uber and Lyft Thought Prices Would Normalize by Now. Here’s Why They Are Still High.

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Americans hailing an Uber or a Lyft ride still face elevated prices due to a shortage of drivers—the latest example of how a tight labor market is costing consumers more while also raising pay for workers.

Uber Technologies Inc. and Lyft Inc. had expected most drivers to return to work after federal unemployment benefits expired nationwide in September. But that is happening only slowly. Fares have only marginally inched down from their summer highs.