"It is absolutely too expensive."
Translation:È assolutamente troppo caro.
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Usually it's Molto = much / Troppo = too much But this is a general translation and does not always apply. Other examples: Il posto è molto bello = The place is very nice C'è molto rumore = There is a lot of/much noise
So, in my opinion, you can use "molto" in this case, but there needs to be an emphasis such as "davvero".
"Carissimo" Would Be The Superlative Of "Caro", And Thus Mean Something Like "Very Expensive" Or "Most Expensive", Right? So Shouldn't That Work Here, As Something That's Too Expensive Would Likely Be Very Expensive, Atleast By The Standards Of Whoever It's Too Expensive For?