Just adding to Armin's answer, there is also another common idiomatic use for "This is quite a hike up". If you're walking or going somewhere on foot and you are finding it a little hard going because of the slope or incline, then you commonly say 'This is quite a hike up'. It's not actually a 'hike' - you may be simply walking or going to a location - but it creates that image in your mind of 'hiking' which involves much more physical work.

It means “increase” specially in a sudden one. It can also be used as a verb. We use it very often for sudden increase in prices.