by Paul Jay, CBC News Online

Canada is the cheapest place to buy an iPod Nano, according to a study by one of Australia's biggest banks.

The Commonwealth Bank used the latest iPod music player to compare global currencies and purchasing power in 26 countries, and Canada was the cheapest place to buy a Nano at $144.20 US.

The study is similar to the Big Mac index the Economist created: instead of working in the confusing world of currency markets, the study picks a product and compares world prices to give a sense of purchasing power. It can also point out whether a currency is over- or undervalued.

People in Brazil pay $327.71 for the tiny music players, the highest amount of any nation and significantly higher than second-place India, where consumers shell out $222.27.

Now if only the iPhone would come to Canada and drop from its hefty listed price, we'd be set.