/rach"it/ , n.
1. a toothed bar with which a pawl engages.
2. (not in technical use) a pawl or the like used with a ratchet or ratchet wheel.
3. a mechanism consisting of such a bar or wheel with the pawl.
4. See ratchet wheel .
5. a steady progression up or down: the upward ratchet of oil prices.
v.t. , v.i.
6. to move by degrees (often fol. by up or down ): to ratchet prices up; Interest rates have been ratcheting downward.
[ 1650-60; alter. of F rochet; MF rocquet a blunt lance-head ]