Apple's new budget iPhone will have 5G capability — and a higher price

Apple unveiled its latest budget version of the iPhone, the third-generation iPhone SE, capable of connecting to ultrafast 5G wireless networks — an upgrade that's already been available on the company's upscale models for more than a year.

The latest iPhone SE marks the first upgrade to the bare-bones version of Apple's most popular product in nearly two years. In the latest sign of the inflationary pressures that have been roiling the economy, the new iPhone SE will sell for $429 — an 8% increase from $399 price tag for the last version that rolled out it nearly two years ago during the early stages of the pandemic. The new iPhone SE will be available in stores March 18.