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One possible program:
prices = []
for slot in range(5):
price = float(input("Price " + str(slot + 1) + ": "))
prices.append(price)
best_index = 0
for index in range(1, len(prices)):
if prices[index] < prices[best_index]:
best_index = index
print("Cheapest item is number", best_index + 1, "at price", prices[best_index])