To increase or rise very quickly and suddenly, or a firework that shoots high into the sky before exploding.
Compound word: 'sky' plus 'rocket.' As a firework, it emerged in the 18th century; as a verb meaning rapid increase, it's metaphorical from the 1900s onward, comparing anything that rises fast to these projectiles.
When you say 'prices skyrocketed,' you're literally comparing inflation to a firework shooting upward—it's a wonderfully vivid metaphor that shows how we describe abstract changes through physical images!
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