Apple is reportedly cutting production of its 2022 iPhone SE. According to a Monday report from Nikkei Asia, the tech giant is telling suppliers to scale back production by 2 million to 3 million units, or about 20%, for the upcoming quarter.

The decision is said to be the result of lesser than expected demand for the $429 iPhone SE. Nikkei Asia cites the war in Ukraine and inflation as two of the possible reasons for the dip in people's appetite for new smartphone purchases.

The new iPhone SE, which was announced at Apple's "Peek Performance" event on March 8, has been on the market for less than a month. The 2022 version of the iPhone is the successor to the 2020 model, and comes fitted with the iPhone 13's A15 Bionic processor and 5G support.

Apple didn't immediately respond to CNET's request for comment.