Price goes up, people are facing other inflationary pressures, worries about job security, etc. New phone is totally optional, easily punted. When was the last time phones had a really good new feature? (says guy with 2020 iphone SE that still works just fine)
Worldwide smartphone shipments are expected to decline 14% ... the steepest annual contraction in smartphone history. Manufacturers focusing on selling fewer higher-end products, driven by elevated prices for RAM and transportation/fuel.
I am not sure RAM/fuel prices have much impact here. I have a phone that's about to get 3 generations behind latest one and comparing them side by side, I have 0 reasons to upgrade. Some specs are better, but not enough to notice in daily use.