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Sudden inflation results in a sudden rise of prices, aka a sharp rise in prices.
急騰 is commonly used to refer to abrupt and unexpected rises in price or value, such as a surge in stock prices.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
ドルが再び急騰しています。
The dollar suddenly rose again.
石油価格の急騰はこんなところにも影響がでるんですね？
The jump in oil prices affects a place like this, doesn't it?
急騰する円高を食い止めるために、日銀は為替市場に介入を始めた。
The Bank of Japan has begun to intervene in the foreign exchange market to stem the yen's sharp rise.
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