Prices of memory chips and storage products have soared at Huaqiangbei, the world's largest electronics wholesale market, raising concerns over rising costs for consumer electronics, reports Hong Kong's South China Morning Post.

Vendors in Shenzhen's Huaqiangbei said prices for large-capacity memory components have doubled in recent weeks. The spike is expected to affect smartphones, tablets and personal computers.

Cai Zhaojie, a local vendor, said a 32-gigabyte DDR5 memory kit priced at CNY1,000 (US$140) in September rose to CNY1,300 by mid-October and now sells for CNY1,799. These kits are commonly used in high-performance gaming computers.

The sharp increase in component costs could ripple through the electronics supply chain, potentially driving up retail prices for end-user devices.