The phrase "a sharp hike in" is correct and usable in written English.
It can be used to describe a significant increase in something, such as prices, rates, or statistics.
Example: "There was a sharp hike in the cost of living over the past year, affecting many families."
Alternatives: "a significant increase in" or "a steep rise in".
Pfizer shares were under pressure after the company reported quarterly net earnings per share of 30 cents, down from 76 cents per share a year earlier, despite a sharp hike in revenue.
In addition, the nausea caused by Lee's chemotherapy led to a sharp hike in the amount of money spent on food and washing powder.
For now, a recovering economy is throwing out unexpectedly strong tax revenues, and some of the worst fears about the need for a sharp hike in the consumption tax are fading.
A heatwave in Karachi, last month, reportedly killed 780 people, and Delhi saw a sharp hike in hospital admissions for heatstroke when the temperature rose above 45C in May.
For pensioners, already hit by a sharp hike in fuel prices and the cost of water set to go up by around 18% over the next five years, there'll be more bad news when their council tax bills start dropping through their letterboxes next month.
The proposed emergency budget reductions, amounting to about $561m, will help fund a sharp hike in the budget of Israel's armed forces and Shin Bet amid estimates that the latest round of fighting in Gaza cost Israel $50m for each day of the war.
For those who cannot make such an instant adjustment in family economy, this sudden, sharp hike in rental rates is tantamount to eviction without cause.
The sharp hike in oil prices is becoming an increasing burden on the German economy, according to the business survey.
The sharp hike in gas prices charged by the Russians has trimmed the pre-2005 double-digit growth, but has also led to greater energy efficiency.
It blamed increasing property taxes, such as the sharp hike in stamp duty and new obligations on non-dom foreign buyers, rather than Brexit, for the decline in prices and activity.
This is a spontaneous movement of "gilets jaunes" (named after the hi-vis vests they wear) who use social media to co-ordinate themselves as popup protesters of all ages and classes, wanting to stop the impending sharp hike in fuel duties.
