If you jack up a heavy object such as a car, you raise it off the ground using a jack. [VP n] ⇒ They jacked up the car. [V n P] ⇒ All I had to do was jack the car up and put on the spare.
2. phrasal verb
To jack up the price or amount of something means to increase it to an unreasonable or unacceptable level. [informal, disapproval]hike up [VP n] ⇒ The plan would cost so much that the company would have to jack up its prices. [VP n] ⇒ Inflation has jacked up the rate of unemployment.