skyrocket

Noun
  1. Propels bright light high in the sky, or used to propel a lifesaving line or harpoon (synset 107277721)
  2. Sends a firework display high into the sky (synset 104240011)
Verb
  1. Shoot up abruptly, like a rocket (synset 201947945)
    "prices skyrocketed"

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