Electronics prices are starting to soar, adding to the stress consumers are facing

Consumers may not want to upgrade their laptops, tablets or game consoles anytime soon.

Many major electronics brands have recently announced significant price hikes on their products. Apple this month raised prices on MacBooks and iPads, some by as much as $300, due to price increases in memory and storage chips. The one-terabyte MacBook Pro jumped from $1,699 to $1,999, while the entry-level MacBook Neo rose from $599 to $699. Microsoft, on the same day, announced it would raise the price of Xbox game consoles by $150-$200 in August due to memory and console storage prices, depending on the model. Nintendo also said in May the price of its Nintendo Switch 2 game console will increase in September from $449.99 to $499.99, blaming “changes in market conditions.”

These price hikes come as the memory chip industry lacks sufficient supply to meet demand from companies building AI data centers, according to a report from the Deutsche Bank Research Institute.

Continue reading this article on modernretail.co. Sign up for Modern Retail newsletters to get the latest on the shifting dynamics between retail’s old and new guards.