For a fair comparison you need to look at the total cost, because 4.7 produces significantly fewer output tokens than 4.6, and seems to cost significantly less on the reasoning side as well.

Here is a comparison for 4.5, 4.6 and 4.7 (Output Tokens section):

https://artificialanalysis.ai/?models=claude-opus-4-7%2Cclau...

4.7 comes out slightly cheaper than 4.6. But 4.5 is about half the cost:

https://artificialanalysis.ai/?models=claude-opus-4-7%2Cclau...

Notably the cost of reasoning has been cut almost in half from 4.6 to 4.7.

I'm not sure what that looks like for most people's workloads, i.e. what the cost breakdown looks like for Claude Code. I expect it's heavy on both input and reasoning, so I don't know how that balances out, now that input is more expensive and reasoning is cheaper.

On reasoning-heavy tasks, it might be cheaper. On tasks which don't require much reasoning, it's probably more expensive. (But for those, I would use Codex anyway ;)