The global chip shortage that has hampered production forecasts of big companies such as Apple and Volkswagen will continue into the first half of 2023, the head of STMicroelectronics said on Thursday.

“Things will improve in 2022 gradually, but we will return to a normal situation … not before the first half of 2023,” Jean-Marc Chery said in an interview.

The chip shortage, triggered by a boom in demand from a variety of technology sectors, is driving up prices, said Chery, who has been CEO of the Franco-Italian chipmaker since 2018.

The average price of STMicro’s chips has appreciated by 5% in 2021 compared to the previous year, he said, noting that the group expects further price increases in the second half of 2021 and 2022.

Last Thursday, STMicro raised its full-year sales and investment outlook as robust demand from car and phone makers boosted second-quarter profit.

For more information, read the original story in Reuters.