1. (very costly) 
Esa camiseta que lleva mi hija parece un trapo, pero es carísima.That T-shirt my daughter is wearing looks like a rag, but it's really expensive.
Los alquileres en Barcelona se han vuelto carísimos.Renting has become very expensive in Barcelona.
2. (at a very high price) 
El hotel nos costó carísimo, pero mereció la pena.The hotel was really expensive, but it was worth it.
No entiendo por qué, pero ese vestido vale carísimo en comparación con los otros.I can't understand why, but that dress is very expensive in comparison with the others.
3. (figurative) (at a very high price) 
a. dearly 
La primera ministra pagó carísimo su error: perdió las elecciones.The prime minister paid dearly for her mistake: she lost the election.
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