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The phrase "are increasing faster" is correct and usable in written English.
It can be used when discussing trends or changes that are happening at an accelerating rate compared to something else.
Example: "The number of electric vehicles on the road are increasing faster than traditional gasoline cars."
Alternatives: "are rising more rapidly" or "are growing at a quicker pace".
Exact(25)
But its costs are increasing faster than its revenue.
At the luxury bodywear label Wolford, sales of bodies are increasing faster than anything else it sells.
"House price growth remains stable across most of the UK, although prices in London are increasing faster than the UK average," the ONS said.
The UK inflation rate has risen to 1.8% for April, up from 1.6% in March, meaning prices are increasing faster than wages.
"Carbon dioxide levels are increasing faster than they have in hundreds of thousands of years," said Pieter Tans, lead scientist at Noaa's Global Greenhouse Gas Reference Network.
"CO2 levels are increasing faster than they have in hundreds of thousands of years," said Pieter Tans, lead scientist at Noaa's Global Greenhouse Gas Reference Network.
Similar(35)
Shortages are increasing fast.
And Romania is not doing badly: economic growth has picked up, rising to 4.1% in the latest quarter, and wages are increasing fast.
Scientists say that global totals are increasing fast and will likely exceed the limit for dangerous climate change within 30 years.
"The aviation sector also has to contribute, as aviation emissions are increasing fast--doubling since 1990.
Rates of childhood obesity are increasing fastest in UK 8 10 year-olds [15] making this an important target age-group.
More suggestions(1)
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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