1. noun /ˈskaɪˌɹɒk.ɪt/
a) a type of firework that uses a solid rocket motor to rise quickly into the sky where it emits a variety of effects such as stars, bangs, crackles, etc.
b) (by extension) a rebuke, a scolding.
2. verb /ˈskaɪˌɹɒk.ɪt/
The shortage caused prices to skyrocket.
Wikipedia foundation.