Monster development having price slashed (6)

I believe the answer is:

ogress

'monster' is the definition.
(thesaurus)

I can't explain the rest of the clue.

(Other definitions for ogress that I've seen before include "Giant woman" , "Terrifying female" , "Harridan" , "Female giant of fairy tales" , "Terror" .)

I've seen this clue in The Independent.

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