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English definition of “hike”

hike

verb [T]     /haɪk/
to 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.
(Definition of hike verb from the Cambridge Business English Dictionary © Cambridge University Press)
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