"The drinks are expensive here."
Sort of. While it conveys the same basic idea - the cost of the drinks - 太贵 connotes that the drinks are too expensive instead of just 'expensive'. Because this only asks for expensive, it is better to use 很 here to get the actual meaning.
Also, I feel that when using 太, it's customary to use the 太...了 construction. So, instead of saying 饮料太贵, maybe it's better to put it as 饮料太贵了. (I'm not a native speaker, but this is just based on what I've heard)