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Wellington might have been knocked off the top spot for quality of life and beer might be expensive, but New Zealanders are getting relatively cheaper iPhones, data shows.

Deutsche Bank's Mapping the World's Prices report looks at the price of a range of items around the world, in US dollar terms.

It launched in 2012 and said there had been changes in that time.

Japan has slid in purchasing power parity terms, while New Zealand had moved up the rankings - up 20 points in just over 20 years, according to its calculations.

What do I do if the bubble bursts?

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