Meaning of the word "at a premium" in English

What does "at a premium" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

at a premium

US /æt ə ˈpriː.mi.əm/
UK /æt ə ˈpriː.mi.əm/

Idiom

highly valued or difficult to obtain because of scarcity

Example:
In the city, parking spaces are always at a premium.
Good customer service is at a premium these days.