When we talk about rates as prices, we mean the amounts of money charged for something. For example, a hotel, a phone plan, or a loan can all have rates. This is one of the most common uses of the word.
The hotel rates are very low in winter.
We compared rates before choosing a bank.
In this meaning, rates describe how often or how quickly something happens. Scientists, governments, and researchers use rates to compare data over time. Examples include crime rates, birth rates, and death rates.
Crime rates in the city went down last year.
Birth rates are falling in many countries today.
In finance and banking, rates almost always refers to interest rates. These are the percentages that banks charge when you borrow money, or the percentages they pay when you save money. Higher rates mean borrowing costs more.
The bank raised its rates this month.
Low rates make it cheaper to borrow money.
When someone 'rates' something, they give it a score or judgment based on how good they think it is. For example, a person can rate a movie, a book, or a product. This form is used when the subject is 'he', 'she', or 'it'.
She rates this restaurant very highly.
He rates the new movie as excellent.
In British English, 'rates' historically referred to a local tax paid on property, used to fund public services like roads and schools. This system was replaced by the Community Charge and later Council Tax in the UK, but the term is still found in older texts and business contexts.
Small businesses complained about high rates last year.
The council used rates to fund local services.
Exchange rates tell you how much of one currency you get when you trade it for another. For example, how many euros you get for one US dollar. These rates change every day based on the global economy.
The rates between the dollar and euro changed today.
Travelers check rates before exchanging their money.
In logistics and shipping, rates refer to the prices paid to transport goods. These can be calculated by weight, distance, or volume. Companies often compare different carriers to find the best shipping rates.
Shipping rates have increased due to fuel costs.
The company negotiated better rates with the carrier.
In informal British English, if someone 'rates' another person, it means they have a very good opinion of them. For example, a football coach might 'rate' a young player, meaning they think the player is talented. This is a casual, everyday expression.
She really rates him as a football player.
The manager rates her new assistant a lot.
