IPA: /ˈtʃiːpɪst/
KK: /ˈtʃipɪst/
This word describes something that costs less than all others in a group.
This store has the cheapest prices for groceries in town.
Comparative: cheaper
Superlative: cheapest
Cheapest → It is formed from "cheap" (from Old English *ceap*, meaning bargain or purchase) and the suffix "-est" (meaning the most). The word "cheapest" means the most inexpensive or the lowest price available.
Think of a 'bargain' ('cheap') that is 'the most' ('-est') affordable — that's why cheapest means the lowest price.