From steep (adjective) + cost (noun). The adjective steep in the sense of 'excessively high in price' is attested from around 1856 in American English slang, derived from the older literal meaning of 'rising sharply, precipitous' (Old English stēap, meaning high, lofty). The metaphor images a price that climbs steeply upward, beyond a reasonable level. Cost comes from Old French coust, from Latin constāre ('to stand at a price, to cost').