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This phrase is correct and can be used in written English.
It typically refers to a situation where the cost of something has gone up due to a variety of reasons (e.g. inflation, a new tax, etc.). For example: "Due to the cost increase in fuel, many companies have had to raise prices on their products."
Exact(16)
Russia's finance minister, Mikhail Kasyanov, who is also first deputy prime minister, disclosed the cost increase in Moscow today.
Some said the proposal for capping the annual cost increase in Medicare and Medicaid to just above the economic growth rate was surprisingly conservative.
The associated transcription caused a significant cost increase in an academic pediatric center.
But there is a continuous cost increase in the engineering and construction industries that cannot easily be reflected.
Maintain regular dredging for channel and water intake is necessary, but severe deposition caused a large cost increase in the annual maintenance costs are also not in economy.
It translates into a water cost increase in the range of 10 20%, with the nuclear option being the more sensitive.
Similar(42)
A CANCER is overtaking our space agency: the routine acquiescence to immense cost increases in projects.
As expected, we have seen some cost increases in certain building materials and also some delivery delays," the company said.
As long as the court case stays unresolved, Silberfein predicted "significant difficulties and cost increases" in the bond financing.
These Medicaid cost increases have closely tracked cost increases in the rest of the health care system over the past three decades.
"Cost increases in numerous categories were not passed on to our customers in the form of increased prices".
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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