Inexpensive variety of peach (5)
I believe the answer is:
cheap
'inexpensive' is the definition.
(similar in meaning)
'variety of peach' is the wordplay.
'variety of' indicates an anagram.
'peach' anagrammed gives 'CHEAP'.
(Other definitions for cheap that I've seen before include "not doing much damage" , "Inexpensive or tasteless" , "Of very poor quality" , "Budget -cheesy" , "Base" .)