Not until the next model comes out. Even then might not do that, but that is more doing with the thing giving signal of deflation.
Anyway, people here seem to think weak Euro and high inflation are temporary, I predict this is just a start. Soon people have here much bigger worry than iPhone price, like how to heat their homes during next winter. In most things we haven't see the change that is coming. Lack of energy (oil, gas, electric etc...) in Europe is not going to get solved very soon. Even is inflation would return to 0%, previous year inflation does not get washed away from the prices (which is not really causing the iPhone price discussed here but just mentioned if someone is not sure what inflation is).