Here's a breakdown of the idiom:
* "Pay through the nose": This is a figurative expression that suggests paying an excessive amount of money.
* "For that": This refers to the specific item or service being acquired.
Examples:
* "If you want to buy tickets to that concert last minute, you'll pay through the nose."
* "Don't expect to get a good deal on a car in this market; you'll pay through the nose."
* "We had to pay through the nose for that flight because we booked it at the last minute."
The idiom suggests that the price is so high it feels like a painful, unpleasant experience, similar to the feeling of having your nose pinched or squeezed.