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Tech company Apple Inc., has cut production of the iPhone 13 after the demand for the device slumped.

Many shoppers who originally wanted the phone - whose most expensive model costs $1,599 - are said to have given up as ongoing supply chain issues lead to shortages.

Others are said to be holding out for the iPhone 14. It will debut in fall 2022, and will likely have far more dramatic updates than the 13, which is a tweaked version of the 2020 iPhone 12. 

Rocketing inflation - which currently sits at 6.2 per cent - has also spooked many Americans, who've decided to save rather than splurge on luxuries. 

Apple had reportedly cut its goal for the year by as many as 10 million units, down from their target of 90 million, due to a global chip shortage.