Cyprus ranks 35th in Global iPod price ranking

People buying a new video iPod in Cyprus pay $201.85, or 35th in the global rankings according to a new price index launched by one of Australia’s biggest banks, the Commonwealth Bank, which has used the latest version of Apple’s music player — the slimline 4GB Nano — to compare global currencies and purchasing power in 55 countries.

Along the lines of the Big Mac index launched 20 years ago by The Economist magazine, the survey prices the recently launched 4GB Nano in U.S. dollars and found Brazilians pay the most for an iPod, shelling out $369.61, Reuters reported.

That was well above second-placed Bulgaria, where locals and visitors pay $318.60 for the player, which Apple recently introduced at the same price as the older, less-capable Nano.

Hong Kong was the cheapest place to buy a Nano at $148.12, while the United States was second cheapest at $149, followed by Japan ($154.21), Taiwan ($165.82) and Singapore ($167.31).

Australia, where the local dollar has surged to 18-year highs, jumped 11 spots into 8th place with the Nano costing $175.42, cheaper than Germany ($211.62), France ($225.82), South Korea ($180.60) and even China where the machine is manufactured.

Within the euro zone, the Nano’s price also differed, with retailers in Greece offering the cheapest deal at $196.51, the Reuters report added.

Purchasing power parity surveys compare the prices of goods in different countries and at their simplest level can help show whether one currency is undervalued against another.