Definition of step rate
: a rate that changes by regular gradations: such as a : a life-insurance premium rate that increases or decreases each year b : a utilities rate whereby an increase in unit consumption results in a decrease in unit price
Start your free trial today and get unlimited access to America's largest dictionary, with:
- More than 250,000 words that aren't in our free dictionary
- Expanded definitions, etymologies, and usage notes
- Advanced search features
- Ad free!
Seen and Heard
What made you want to look up step rate? Please tell us where you read or heard it (including the quote, if possible).