hike
noun [ C ]
uk/haɪk/ usan increase in the amount or cost of something, especially a large or sudden increase:
a pay/wage hike The governor is concerned that businesses might respond to a wage hike by cutting jobs.
a price/rate/tax hike
a hike in sth Ethanol, a fuel made from corn, has seen a 30 percent hike in production in the past year.
hike
verb [ T ]
uk/haɪk/ usto increase the amount or cost of something, especially suddenly or by a large amount:
hike prices/rates (on sth) The company announced it will hike prices on its cereals as much as 4 percent to cover higher grain and energy costs.
hike sth by sth The bank hiked interest rates by 1.5 percentage points, the largest rise in almost two years.