An abrupt “That’s pricey” (5)
I believe the answer is:
I believe this clue is a double definition.
'an abrupt' is the first definition.
'pricey' is the second definition.
'that's' acts as a link.
(Other definitions for steep that I've seen before include "Sharply inclined" , "pickle" , "Stiff - thoroughly wet" , "Soak thoroughly - precipitous" , "Having a sharp incline" .)