Skyrocketing costs for memory will jack up smartphone prices — Chinese manufacturer Xiaomi warns of higher prices for new devices

The increasing cost of memory chips seems to be slowly creeping into the smartphone industry. Chinese smartphone manufacturer Xiaomi saw a disappointing response to its newly launched Redmi K90 range. According to a Reuters report, Xiaomi President Lu Weibing wrote in a social media post that cost pressure is being passed on to the pricing of the company’s new and upcoming products.

For context, Xiaomi launched its budget-centric Redmi K90 series in China on Thursday. The base configuration featuring…