What does the cryptic crossword clue "New price on old cheese (8)" mean?

The definition is "cheese". The wordplay uses anagram, charade. anagram of PRICEON ("price on") + O (abbreviation of "old") [anagram: "New"] = PECORINO; definition: "cheese" The answer is Pecorino.

New price on old cheese (8)

Telegraph Prize Cryptic #3066 | 13 Across | 2020-07-26 flower

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