IPA: /ˌɪnɪkˈspɛnsɪv/
KK: /ɪnɪkˈspɛnsɪv/
Not costing a lot of money; affordable.
The restaurant offers delicious meals at inexpensive prices.
Comparative: less inexpensive
Superlative: least inexpensive
Inexpensive → It is formed from "in-" (meaning not) and "expensive" (from Latin "expensivus", meaning to spend or cost). The word "inexpensive" means not costly or not requiring a lot of money.
Think of 'not' ('in-') being added to 'costly' ('expensive') — that's why inexpensive means something that doesn't cost much.