Eat around one in site of Oktoberfest (6)

I believe the answer is:

munich

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'site of oktoberfest' is the definition.
I can't judge whether this definition defines the answer.

'eat around one in' is the wordplay.
'eat' becomes 'munch' (munching is a kind of eating).
'around one' becomes 'i' (Roman numeral. I am not sure about the 'around' bit.).
'in' is an insertion indicator.
'munch' enclosing 'i' is 'MUNICH'.

Can you help me to learn more?

(Other definitions for munich that I've seen before include "Bavarian capital" , "foreign city" , "Site of 1972 Olympics" , "Capital of Bavaria" , "Chum in Germany" .)

I've seen this clue in The Independent.

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