Meaning of the word skyrocketing in English

What does skyrocketing mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

skyrocketing

US /ˈskaɪˌrɑːkɪtɪŋ/
UK /ˈskaɪˌrɒkɪtɪŋ/

Adjective

increasing very rapidly and to a very high level

Example:
The cost of living is skyrocketing.
We've seen skyrocketing demand for our products.
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