The conjugated verb ("ist" in this case always comes second. "nicht" comes before what it negates. So there is no other way than saying "Es ist nicht teuer."
Because of the peculiar German sentence structure, where all the unconjugated parts of the verbs go to the end, there are two possibilities:
"Deutsch lernen" > "Ich lerne nicht Deutsch." " (--) lernen" > "Ich lerne nicht (--)."
In the second sentence, it looks like the "nicht" appears at the end, because the verb has no unconjugated parts.