Yes, "check" here means "cause to slow down or stop". If the government acts successfully, the rise in prices will cease. You can cease doing something that you are doing, and you can cause someone else to cease doing something they are doing, but you cannot cease someone.
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NakoolThe government must cease increasing petrol prices. Is the usage of cease correct in the above sentence?That depends. If the government itself sets petrol prices, then it would be correct. If this is a call for the government to act to prevent oil companies continuing to increase petrol prices, then it would be incorrect.