Delicate fabric price is cut (8)

I believe the answer is:

lacerate

'is cut' is the definition.
(I've seen this before)

'delicate fabric price' is the wordplay.
'delicate fabric' becomes 'lace' (I've seen this before).
'price' becomes 'rate' (I've seen this in other clues).
'lace'+'rate'='LACERATE'

(Other definitions for lacerate that I've seen before include "Tear or gash roughly" , "Cut, leaving jagged edges" , "Cut or tear irregularly" , "Tear roughly, cut jaggedly" , "Slash" .)

I've seen this clue in The Irish Times.

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