Still riding high on the success of its recently launched iPhone 14 series, Apple is reportedly planning to unveil the iPhone 15 series.

As expected, there's a lot of hype surrounding the iPhone 15 lineup. The new iPhones are expected to boast a myriad of improved features and top-notch specs.

On the downside, some reports suggest the iPhone 15 series won't be easy on the pocketbook. In line with this, a new leak claims the iPhone 15 Ultra will carry a steep starting price tag of $1299.

For comparison, the current gen iPhone 14 Pro Max has a starting price of $1099. The higher price can be attributed to increased production costs.

The higher price is also a result of Apple's decision to use materials like titanium in the chassis. On top of that, the American tech giant has to maintain profit margins.

The Ultra will be the highest-end model in the upcoming iPhone 15 series. The device has been floating around the rumour mill and making multiple appearances online in the form of leaks lately.

Now, reliable industry insider LeaksApplePro has shed some light on the price of the iPhone 15 Ultra. According to the tipster, the top-of-the-line iPhone model will set you back a pretty penny.

If this speculation turns out to be true, it will be the biggest generational jump in Apple iPhone history. Moreover, this will be pretty shocking for iPhone fans in the US.

LeaksApplePro claims inflation, increased production costs, and the need to maintain profit margins are the main factors behind this huge price increase.

The Cupertino-based tech giant has reportedly witnessed a major decline in margins in recent years. So, the company is understandably resorting to higher price points in a bid to make up for the losses.

Also, the Ultra model is likely to come with newfangled features. Apple will be using titanium to make this handset. To those unaware, titanium is not only stronger but also more expensive than stainless steel used in the previous-gen iPhones.

Titanium costs $35-50 per kilogram, while stainless steel costs $1-1.50 per kilogram. The leak suggests the iPhone 15 Ultra will offer at least 256GB of onboard storage capacity. Notably, this could be Apple's attempt to meet the high demand for larger storage capacity.

Upfront, the Ultra model will reportedly house two selfie cameras as well. The device could feature a USB-C port that delivers Thunderbolt 4 speeds. So, Apple might ditch the Lightning port with the iPhone 15 series.

The higher price of the Ultra model will have a knock-on effect on the entire iPhone 15 lineup, according to LeaksApplePro. However, the iPhone 15 Ultra might be the most expensive model in the upcoming lineup.

Apple might try to justify the price increase by equipping the Ultra model with a faster port, more storage capacity, and a slew of awe-inspiring features.

The Apple iPhone 14 Pro is seen at the Apple Fifth Avenue store in Manhattan, New York City