Spice price is steep (8)
I believe the answer is:
macerate
'is steep' is the definition.
(both can mean to soak in a liquid)
'spice price' is the wordplay.
'spice' becomes 'mace' (mace is a kind of spice).
'price' becomes 'rate' (I've seen this in other clues).
'mace'+'rate'='MACERATE'
(Other definitions for macerate that I've seen before include "Steep in liquid like cream tea" , "Soften food by soaking" , "Soak" , "Cream tea (anag) -- soften by steeping in liquid" .)