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I think you are being a little harsh
To be fair OED has two definitions, that you quote above and also 'a sharp increase, especially in price'. The latter is apt.
Every increase on the tails of the last, as you say pretty much the rate has risen regularly every 6 weeks or so. I have no idea if you have a young family with a huge mortgage trying to make ends meet but suspect not. Every additional lump added to outgoings is money you cannot use elsewhere. I suspect you and I are somewhat of an age with mortgage paid off and saving rates increasing helping our income with loans and mortgages a thing long ago.
My generation has had the best of things in recent generations. A mortgage has never been easy but jobs have usually been available. If you were somewhat lucky and prudent you have some savings and a pension and no need to seek adventures or stuff that you cannot afford Now.
Thanks for your response.If you take the rises and the time span I'd agree that 'a sharp increase' is apt but my gripe is that those reporting these rises have used the term 'hike' on every occasion. When the interest rate drops a quarter they don't say the rate 'plunged' by .25% .They say 'reduced'..the antonym of 'increase' but they don't say 'increase' in the first place.
Re your second reply. I think you're referring to the term 'unfair'. I quoted two definitions but in reality the City reporters are talking about the first one...ie a 'rise'. But to address the 'unfair' quote, when the Chancellor (in fiscal terms)and the BoE Governor( in monetary terms) are making decisions in order to stabilise the economy, notably to reduce inflation, the luxury of fairness doesn't come into the equation. Allowing inflation to take hold will damage most peoples' finances.The small amount gained in savings accounts as interest rates rise, assuming the banks and building societies pass on the rises which they don't until there's an outcry, is outstripped by the rise in the cost of living.