Why has Apple hiked prices of older iPhones for the first time after a new launch?

In an unprecedented move, Apple increased the prices of its older iPhones after a new launch. After launching iPhone Duo and iPhone 18 Pro series at its highest-ever prices, Apple hiked prices of iPhone 17, 17e, Air and 16. Apple has raised prices to offset increasing memory chip costs, driven by weakened supply amid AI-driven boom for data centres.