Grants the reduction of price desired (5)

I believe the answer is:

cedes

I'm a little stuck... Click here to teach me more about this clue!

'grants the reduction' is the definition.
'cedes' can be an answer for 'grants' ('cede' can be a synonym of 'grant'). I am not sure about the 'the reduction' bit.

'of price desired' is the wordplay.
'of' indicates a hidden word.
'CEDES' is hidden in the letters of 'price desired'.

Can you help me to learn more?

(Other definitions for cedes that I've seen before include "Gives way" , "Yields, hands over" , "Hands over formally" , "Surrenders or relinquishes" , "Surrenders or yields" .)

I've seen this clue in the Evening Standard.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.