Translation:The flowers are dead. They were expensive.
According to the English-language Wiktionary entry for mr̥tós you are correct. Just follow the descendants down.
However, I am always pretty dubious when they resort to deriving words from far off places. I think it's because there is no common ancestor recorded in Northern or Western Europe. But there is a good reason for this. We have virtually no writing recorded from this area from 2000 years ago. I bet that if we had we would see this word has existed in this area for ages, giving rise to the Germanic, Celtic and Finnish, without any need to reference languages from the Orient or from Italy.