Ipod as World Currency Tracker

Here's a news story from Australia:
Australian bank Commonwealth Securities has launched an iPod index, based on the cost of the 2GB iPod Nano as a benchmark to track currency values worldwide, showing if a currency is overvalued.
The idea stems from The Economist Magazine's Big Mac index. The bank has chosen the iPod since they are all made in China and its price - in theory - should be consistent. This is in contrast to McDonald's "Big Mac" burgers, made worldwide, says the bank.
As a result, the price of an iPod after taxes should be the same regardless of where it is sold. However, in practice this is not the case, as analysts quickly pointed out.

Nevertheless, the 2GB Nano retails this way, per the Index:
Brazil $327.71
India $222.27
Sweden $213.03
France $205.80
UK $195.04
Spain $192.86
Italy $192.86
Germany $192.46
China $179.84
Korea $176.17
Switzerland $175.59
Australia $172.36
Taiwan $164.88
Singapore $161.25
Mexico $154.46
US $149.00
Japan $147.63
Hong Kong $147.63
Canada $144.20

Watch for this headline later this month:
Enterprising Holiday-Makers Spark Global Exodus to Rio. Indians Stay Put, Take Over the World.