Island in Corsica, pricey (5)
I believe the answer is:
capri
'island' is the definition.
(Italian island)
'in corsica pricey' is the wordplay.
'in' indicates a hidden word.
'CAPRI' can be found hidden inside 'corsica pricey'.
(Other definitions for capri that I've seen before include "Mediterranean island" , "popular resort" , "Island in the Gulf of Naples" , "holiday destination" , "Romantic and expensive island in Bay of Naples" .)