A global shortage of memory chips, driven largely by booming demand from AI data centres, is pushing up the cost of electronic devices and reversing years of falling prices. Apple has added £100 to every iPhone, including older models, meaning consumers pay more without receiving improved features; Samsung and Google have also raised flagship prices by up to £80.

Memory costs have risen by more than 300% year on year, with some chips reportedly five times more expensive than before. IDC forecasts a record 17% fall in global smartphone sales this year, to just over one billion handsets, while computers, tablets and games consoles have also become substantially dearer; however, third-party refurbished iPhones have so far largely avoided equivalent price rises.