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The phrase "a sharp rate" is correct and usable in written English.
It can be used to describe a significant or steep increase or decrease in a particular rate, such as interest rates, growth rates, or any measurable change.
Example: "The company experienced a sharp rate of growth in the last quarter, exceeding all expectations."
Alternatives: "a steep rate" or "a rapid rate."
Exact(3)
On those surveys, a figure of 50 indicates that business is neither getting better nor worse, and figures below 40 show a sharp rate of decline.
International networks that carry data into and out of the United States are still being expanded at a sharp rate, but the Internet infrastructure in many other regions of the world is growing even more quickly.
We prove that our estimation attains a sharp rate of convergence and show the optimality.
Similar(56)
Output fell at a sharper rate than hours worked, the Labor Department said.
Food rose 0.5 percent in January, a sharper rate than in the last several months.
Overseas students increased at a sharper rate, rising by more than 20%.
Hotel costs in other cities, while starting at a base line substantially lower than New York's, have been rising at a sharper rate.
Households in the South East and the East of England now expect the value of their properties to increase at a sharper rate than households in London.
The purchasing index released on Monday showed that manufacturers reduced head count for the 19th month in August and at a sharper rate than in July.
But since that time, figures for both Independents and Republicans have been declining, with Republicans generally declining at a sharper rate.
Crimes rates, gun ownership rates, and prison populations have all fallen in those countries at a sharper rate than in places without such laws.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com