A price cut given to old, half-dry fruit (7)
I believe the answer is:
apricot
'fruit' is the definition.
(apricot is a kind of fruit)
'a price cut given to old half-dry' is the wordplay.
'cut' means to remove the last letter.
'given to' is a charade indicator (letters next to each other).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'half' suggests halving the letters.
'dry' becomes 'tt' (abbreviation for teetotal).
'price' with its final letter taken away is 'pric'.
'tt' halved is 't'.
'a'+'pric'+'o'+'t'='APRICOT'
(Other definitions for apricot that I've seen before include "Soft, peach-like fruit" , "Small, peach-like fruit" , "Yellow fruit" , "Luscious fruit" , "Rip coat (anag) - fruit" .)