Pricey means expensive — it costs a lot of money. It is an informal, spoken kind of word. You say a restaurant is a bit pricey, or those shoes are pricey, when you want to complain softly, without a big speech. The 'a bit' is very common; it makes the complaint gentler. Though actually, pricey is not as angry as 'a rip-off' and not as stiff as 'costly'. It is everyday English, a little light, used by ordinary people in shops, cafés, and about clothes or trips. You would not usually put it in a formal report; there you would say expensive or high-priced. It does not mean 'having a price' in a good way. Priceless is a different word: so special you cannot name a price — not the opposite of pricey (the everyday opposite is cheap).