skyrocketed
v. B2 Upper Intermediate US //ˈskaɪˌɹɑkətɪd// UK //skˈaɪɹˌɒkɪtɪd// sky·rock·et·ed
v. to increase very quickly and by a large amount. You use this when something like prices or numbers goes up much faster than normal.
v. to increase rapidly and significantly in value, price, or quantity. Often used to describe sudden economic or demographic shifts.
The price of gas skyrocketed last summer.
The number of people applying for the new job skyrocketed after the company announced its expansion plans.
While the initial costs were manageable, the maintenance fees for the new equipment skyrocketed within the first year, forcing the department to reconsider its long-term strategy.