iPhone 15 Pro and iPhone 15 Pro Max could launch with a higher price tag in the US than prior Pro models, according to Haitong International Securities’ analyst Jeff Pu.

In a research note seen by MacRumors, Pu predicts that new premium features slated for this year’s Pro lineup could come with higher components costs for Apple, forcing the company to pass on these expenses to its customers as it seeks to sustain its high profit margins.

The new features in question include a titanium chassis, solid-state volume and power buttons with haptic feedback from additional Taptic Engines, a new 3-nanometer A17 Bionic chip, increased 8GB of RAM, and a periscope lens for increased optical zoom on the 15 Pro Max model.

It is important to note that Apple has increased iPhone prices in the past outside the US owing to currency fluctuations against US dollar. For instance, the iPhone 14 Pro retails for £1,099 in the UK, compared to £949 for the iPhone 13 Pro.

Persistent high inflation rates in the US could also force Apple to increase its iPhone prices. Apple has managed to keep the starting price of $999 unchanged for its smaller flagship iPhones since the iPhone X’s introduction in 2017, whereas Pro Max iPhones have consistently started at $1,099 since the iPhone Xs Max. However, prices will have to increase at one point for the company to sustain its historically high profit margins.

It remains to be seen if the base iPhone 15 and iPhone 15 Plus would see a similar price increase over the iPhone 14 and iPhone 14 Plus, which start at $799 and $899, respectively. Perhaps Apple would like to keep its base iPhone offerings at the same or an even lower price to entice customers, as the 14 Plus continues to suffer from weaker sales.