Meaning of “going rate” in the English Dictionary

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"going rate" in Business English

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going ratenoun [ C ]

uk us FINANCE

the amount of money that something costs at the present time:

the going rate for sth The going rate for a skilled architect in India is about $50,000 per year.
twice/three times, etc. the going rate Firms advertising cheap life insurance are actually charging many customers up to five times the going rate.

(Definition of “going rate” from the Cambridge Business English Dictionary © Cambridge University Press)