It's actually more expensive than GPT-5.1. I've gotten used to prices going down with each latest model, but this time it's gone up.
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Notable exceptions are Deepseek 3.2 and Opus 4.5 and GPT 3.5 Turbo.
The price drops usually are the form of flash and mini models being really cheap and fast. Like when we got o4 mini or 2.0 flash which was a particularly significant one.