Apple CEO signals possible iPhone price hike

Although there are still about three months remaining before the launch of the iPhone 18 series, current Apple CEO Tim Cook is expected not to present the new models as he is reportedly set to leave his position in September.

However, before stepping down, Tim Cook has made an unusual announcement. He has warned that the upcoming iPhones could be more expensive than previous models.

According to him, the main reason is the ongoing shortage of memory chips and rising component costs with little indication that prices will decline in the near future. In an interview with The Wall Street Journal, Cook said: “We are doing everything we can to shield customers from price increases and defend them from these rising costs.”

He added that the situation continues to become more unstable and that, unfortunately, price increases have become unavoidable. Cook stated that Apple has so far absorbed higher component costs rather than passing them on to consumers.

However, he did not specify which products might become more expensive or how much prices could rise. The iPhone 18 series is expected to be unveiled in September and Cook’s comments appear to be preparing consumers for a possible increase in the prices of Apple’s flagship devices.

According to various reports, prices of the new models could be up to $200 higher than those of the iPhone 17 series. Apple is one of the world’s largest purchasers of memory chips but demand has also surged from artificial intelligence (AI) companies putting additional pressure on supply and prices.

According to The Wall Street Journal, the memory and storage components inside the iPhone 18 Pro could cost approximately $150 more than those used in the iPhone 17 contributing to the expected price increase.