Apple Will Increase App Store Costs In Some Nations Across Europe And Asia

Apple Inc. announced on Tuesday that starting in select countries in Asia and South America as well as the entire euro zone, prices for apps and in-app purchases on its App Store will increase. The higher costs, excluding subscriptions that automatically renew, will take effect as of October 5, according to a blog post by Apple.

The American software giant often modifies its prices for various locations. Last year, it decreased prices for countries in the euro zone to account for taxes and exchange rates, bringing many apps' beginning prices down from 1.09 euros to 99 cents. This beginning pricing now cost 1.19 euros due to the most recent price increase.

The yen, the euro, and the majority of developing economy currencies have all suffered this year due to a sharp increase in inflation, interest rates, and oil prices. This year, the euro hit two-decade lows and has been stuck at or near parity with the dollar for several weeks.

In addition to the nations in the euro zone, Sweden, Poland, Japan, Malaysia, Pakistan, South Korea, and Vietnam will all experience price hikes, as well as Chile in South America. According to Apple, the price hike for some nations, such as Vietnam, was brought on by new rules governing the taxation of consumers.

To reduce dependence on its bestselling devices, Apple, which unveiled its newest generation of iPhones earlier this month, has been growing its services business. In the past few years, Apple's services division, which includes the App Store, has seen a sharp increase in revenue, which now totals about $20 billion per quarter.