From Longman Dictionary of Contemporary Englishskyrocketsky‧rock‧et /ˈskaɪˌrɒkɪt $ -ˌrɑː-/ verb [intransitive] informal INCREASE IN NUMBER OR AMOUNTif a price or an amount skyrockets, it greatly increases very quickly The trade deficit has skyrocketed. skyrocketing inflation→ See Verb table
Examples from the Corpus
skyrocket• As the civil war intensified and the Communist armies neared Canton, prices for food and other necessities skyrocketed.• But opponents say it will almost double the population of little Deadwood, sending property prices skyrocketing.• Neither has changed since 1987, but the price for other entertainment has skyrocketed.• Pleasanton built a business park that ignited a commercial exodus from several Bay Area cities and sent its real estate skyrocketing.• It quickly proved profitable, but during the late 1970s the Silicon Valley explosion occurred and the land skyrocketed in value.• Combined output during the next few years is projected to skyrocket to more than 500,000 barrels daily.• But its effect on spot oil prices - which skyrocketed - was used by the producers to justify a general price rise.From Longman Business Dictionaryskyrocketsky‧rock‧et /ˈskaɪˌrɒkət-ˌrɑː-/ verb [intransitive, transitive] to increase quickly and suddenlySYNROCKETThe Middle East crisis caused oil prices to skyrocket.The government’s tough market-oriented reforms that have sent prices skyrocketing.→ See Verb table 