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The bank uses the 4GB version of the iPod nano to compare global currencies and purchasing power in 55 countries. Brazil remains the most expensive place, where the iPod costs a whopping $369.61, that' $40 more than the price that put the home of samba top of the bank's inaugural chart.

By contrast the UK pays the equivalent of $201.92, only a few dollars more than we were paying nine months ago. Only four EU member states are cheaper than the UK - Poland, Luxembourg, Spain, Greece - and then only by a little.

Hong Kong remains the cheapest country, closely followed by the USA, Japan, Taiwan and Singapore. There are ten countries where the nano is cheaper than in China, where it is assembled. At the other end of the chart, Bulgaria trails Brazil by some distance, then come Argentina, Israel, Peru and Chile.

Craig James, chief equities economist at Commonwealth Bank, explained that purchasing power surveys which compare the prices of goods in different countries can help show whether one currency is undervalued against another.

"It also highlights the effect of tariffs and taxation in countries. The Brazilians, the Argentinians, are going overseas probably to do their shopping," he said.

He also said that because

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Apple recently released new nanos at the same price as the models they replaced, consumers are getting a better deal, however much they are paying.

"It's not often that you get something for nothing. Even in technology land where there are constant improvements in product quality, it ranked as a big deal," James said. "Its clear from the changes in the Apple iPod range that price deflation is alive and well in the technology space. It is a near-nirvana situation for consumers.

The full list is as follows:

1. Brazil $369.61
2. Bulgaria $318.60
3. Argentina $317.45
4. Israel $300.80
5. Peru $294.08
6. Chile $294.06
7. Malta $293.83
8. Egypt $269.10
9. Romania $266.60
10. Uruguay $260.00
11. Turkey $256.12
12. Hungary $254.50
13. Azerbaijan $252.11
14. Serbia $249.14
15. Croatia $245.41
16. Czech $242.54
17. Slovakia $234.13
18. Estonia $226.67
19. South Africa $226.60
20. Finland $225.82
21. France $225.82
22. Russia $220.32
23. Norway $220.20
24. Sweden $215.35
25. Belgium $211.62
26. Austria $211.62
27. Italy $211.62
28. Portugal $211.62
29. Ireland $211.62
30. Germany $211.62
31. Netherlands $211.62
32. Denmark $209.26
33. UK $201.92
34. Mexico $201.87
35. Cyprus $201.85
36. Luxembourg $201.12
37. Poland $200.52
38. Philippines $198.39
39. Spain $197.42
40. Greece $196.51
41. Switzerland $195.43
42. India $183.47
43. Malaysia $181.82
44. Korea $180.60
45. New Zealand $180.58
46. China $179.63
47. Pakistan $179.48
48. Australia $175.42
49. Thailand $174.89
50. Canada $169.68
51. Singapore $167.31
52. Taiwan $165.82
53. Japan $154.21
54. U.S. $149.00
55. Hong Kong $148.12