sky‧rock‧et /ˈskaɪˌrɒkət, ˈskaɪˌrɒkɪt $ -ˌrɑː-/
verb [intransitive] informal if a price or an amount skyrockets, it greatly increases very quickly:
The trade deficit has skyrocketed. skyrocketing inflation [TahlilGaran] Dictionary of Contemporary English ▲