a fireworks rocket that explodes in midair in a shower of colored sparks
to rise or cause to rise rapidly: meat prices skyrocketed
A firework that ascends high into the air where it explodes in a brilliant cascade of flares and starlike sparks.
intr. & tr.v.sky·rock·et·ed, sky·rock·et·ing, sky·rock·ets
To rise or cause to rise rapidly and suddenly: Wheat prices skyrocketed. Discovery of oil here has skyrocketed land values.
(third-person singular simple present skyrockets, present participle skyrocketing, simple past and past participle skyrocketed)