The iPhone 16 may be even pricier than the iPhone 15. Here’s why.

The iPhone 16 is expected to get a price hike, according to a new report from Nikkei Asia.

The cheapest model of the recently released iPhone 15 will run you an absurd $800 and will cost you even more if you want a Pro or Pro Max model with all the cool features. Thanks to unexpected production costs, Apple is reportedly considering a more expensive price tag for the iPhone 16.

The estimated cost of making an iPhone 15 Pro Max is $558, according to the report. That's a 12% increase from last year's 14 Pro Max. The new telephoto camera in the 15 Pro Max costs 380% more than the previous camera — and the highly promoted titanium frame also added to the production costs of an already expensive phone. Additionally, the cost to make the company's new-generation A-series chips saw a 27% increase from last year's A16 chips.

Despite this, a price increase was not in the cards for the iPhone 15, with Apple instead opting to cut the 128GB model out of the lineup this year. With the rising production costs, Nikkei Asia predicts that price stability is no longer sustainable for Apple, so something has to give. To pour more salt on the wound, there are also whispers that the iPhone 15 Pro models may see a $200 price increase.

Again, these are just rumors. We won't know anything until Apple confirms it. In the meanwhile, we've gathered all the rumblings and musings we know about the iPhone 16 so far in a pretty comprehensive list. Check it out and see if those rumored upgrades and features are worth taking out a second mortgage to afford them.