Taxi fares went up once in 2015 (18%) and once in 2016 (20%). That's about 10% below inflation in both years. So the taxi service, in real terms, has become much cheaper over the last two years. The only way Uber can lower prices is through tax evasion (not paying social security taxes for drivers, for example). If they pay the drivers the same way the taxicab owners do (with health benefits, for example) then Uber would not be cheaper.