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Illustration: Sarah Grillo/Axios

It's not just you: Uber and Lyft rides are more expensive, company executives said this week.

Why it matters: Demand for rideshare is roaring back as the economy starts to reopen, but the same can't be said for drivers on the apps. That means fewer cars on the road, causing a supply gap that's pushing up prices.

What's going on: Lyft says stronger rider demand began to outpace driver supply at the end of February.

  • One reason for the driver deficit: safety concerns and fear of contracting the virus, Uber CEO Dara Khosrowshahi told CNBC on Thursday.

What they're saying: "We've told our investors we are going to lean into driver supply. We are going to put up our capital to bring more drivers into the system" to alleviate pricing pressure, Khosrowshahi said.

  • Uber last month announced a one-time stimulus payment cumulatively worth $250 million to help lure drivers back.
  • "As the vaccine rollout continues, driver availability should naturally improve," Lyft CEO John Zimmer said on a call with Wall Street analysts, though it expects to invest in incentives to help move the ball along.

The dynamic has led to record earnings for Lyft drivers in some U.S. cities, the company says.

  • Lyft drivers in top markets earned on average more than $30 per hour, 85% above pre-pandemic times. The company hopes this will help pull even more drivers onto the platform.

The bottom line: Add rideshares to the list of things that cost more — at least in the short-term, as the economy revs all the way back up and the vaccination campaign picks up pace.

Go deeper: Why it feels impossible to get an Uber in Des Moines

Go deeper

Ben Geman, author of Generate
20 mins ago - Energy & Environment

A $1 billion plan to deploy clean power in developing nations

Illustration: Eniola Odetunde/Axios

Two foundations just unveiled a $1 billion initiative to help deliver clean energy to huge numbers of people worldwide who lack electricity access — and they hope it catalyzes vastly more outside capital.

Driving the news: The Rockefeller and Ikea foundations said the new program "aims to reduce 1 billion tons of greenhouse gas emissions and to empower 1 billion people with distributed renewable energy."

Dan Primack, author of Pro Rata
45 mins ago - Economy & Business

Scoop: Sweetgreen files for IPO

Illustration: Sarah Grillo/Axios

Sweetgreen, one of the earliest "better for you" quick-serve restaurant chains, has filed confidentially for an IPO, Axios has learned from multiple sources.

Why it matters: The company has been a rumored IPO candidate for years, and now is coming out as a post-pandemic growth play.

Investors fear inflation, labor shortages in second half of 2021

Illustration: Sarah Grillo/Axios

Investors entered 2021 concerned about the transition to a new U.S. president, the form of new fiscal stimulus, the distribution of vaccines and the reopening of the economy. Now, top risks include supply chain bottlenecks, labor shortages, inflation and slower GDP growth.

Why it matters: Stocks have rallied almost unabated for over a year, leaving many to wonder if the market is overdue for a big selloff. Last week's declines amplify those concerns.