Meaning of the word "going rate" in English

What does "going rate" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

going rate

US /ˈɡoʊ.ɪŋ reɪt/
UK /ˈɡəʊ.ɪŋ reɪt/
"going rate" picture

Noun

the usual or current price or wage for something

Example:
What's the going rate for a babysitter in this area?
They offered me a salary below the going rate.