A rocket that ascends high and burns as it flies; a species of fireworks.

To rise rapidly; -- usually used figuratively, as of prices.

Rise sharply and quickly in price, value, or rate.

sends a firework display high into the sky

shoot up abruptly, like a rocket; "prices skyrocketed"

A skyrocket is a type of firework that uses a solid rocket motor to rise quickly into the sky. At the apex of its ascent, it is usual for a variety of effects (stars, bangs, crackles, etc.) to be emitted. Sky rockets use various stabilisation techniques to ensure the flight follows a predictable course, often a long stick attached to the side of the motor, but also including spin-stabilisation or fins.