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It's twice as expensive. What a pity! (4,4)

Ross

I believe the answer is:

dear dear

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

'a pity' is the definition.
I know nothing about this answer so I can't tell whether it can be defined by this definition.

'it's twice as expensive' is the wordplay.
'it's twice' says to double the letters.
'as expensive' becomes 'dear' (similar in meaning. I am not sure about the 'as' bit.).
'dear' doubled is 'DEAR DEAR'.

'what' acts as a link.

Can you help me to learn more?

(Other definitions for dear dear that I've seen before include "That's a pity!" , "Too bad!" , "Expression of dismay" .)

I've seen this clue in The Globe and Mail.
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