India has seen the biggest price rises for iPhones worldwide

Just hours after releasing the new models, Apple raised the pricing of its current lineup of iPhones in India by as much as 41%. This was one of the largest price hikes in any region where the company has made price adjustments this year, as it often discounts older models.

Late on Wednesday, Apple increased prices in the US as well, but they varied from 10% to 21%. These rises came after Apple’s «Surprise and Shine» event in September, where the company’s first foldable phone, the iPhone Duo, was presented by new CEO John Ternus.

Due to growing memory and storage chip costs, Apple had already declared plans to raise iPhone prices worldwide. Artificial intelligence-driven increases in data center demand have made consumer electronics companies fight hard for limited supplies of these essential components, which has increased costs.

In addition to being one of Apple’s fastest-growing markets, India currently produces a significant amount of the iPhones that the company sells worldwide.

However, this did not protect Indian consumers from price increases: the 18% goods and services tax and import duties on components caused iPhone prices in India to surpass those in the US.