From Longman Dictionary of Contemporary Englishjack something ↔ up phrasal verb1 LIFTto lift something heavy off the ground using a jack Jack the car up higher – I can’t get the tire off.2 informalINCREASE IN NUMBER OR AMOUNT to increase prices, sales etc by a large amount They’re just interested in jacking up their profit margins. → jack→ See Verb table
Examples from the Corpus
jack up• I already put in a quarter, and now they want to jack it up.• Money for plaintiffs' lawyers and court costs will jack the total up to some $ 550m. 