Your next smartphone could be more expensive than expected due to the global chip shortage, experts say.

Apple and other companies are warning of production cuts due to a shortage of critical components. Microprocessors, essential for smartphones and many other electronics, are in high demand and in short supply.

“In general, consumers should be willing to pay more for smartphones and wait a while to get the phones they want,” Nir Kshetri, a business professor who studies chip supplies at the University of North Carolina at Greensboro, told Lifewire in an email interview. “They may also be forced to buy expensive, high-end phones instead of cheaper ones, and from larger phone makers instead of smaller ones.”

In July, Apple CEO Tim Cook warned that "supply constraints" for silicon would hit sales of the iPhone and iPad.