The ride-hailing firm Lyft had been battling increasing costs due to inflation|Aidna Syakira|CC BY-SA 4.0

Lyft has decided to freeze all hiring through the end of 2022 fearing a recession in the economy, a company spokesperson said.

The ride-hailing firm had been battling increasing costs due to inflation for some time and had laid off 60 employees in July.

The announcement led to a 3.8% decline in Lyft shares in after market trading.