India sees iPhone prices jump up to 41% in one of world's steepest hikes

Apple raised prices on existing iPhone models in India by up to 41% shortly after unveiling new devices, marking one of the steepest hikes in any market this year, while U.S. increases ranged from 10% to 21%. The hikes followed Apple's September event where new CEO John Ternus introduced the foldable iPhone Duo. Apple cited rising memory and storage chip costs, driven by AI-fueled demand for data centers competing for dwindling component supplies. India, one of Apple's fastest-growing markets, still faces import duties and an 18% goods and services tax, pushing prices well above U.S. levels. The iPhone Air 1 TB jumped 41% to 224,900 rupees ($2,359), drawing social media criticism that iPhones are becoming luxury items in India.