I see no evidence for “no price reduction” there. It’s “iPhone 11 with charger” versus “iPhone 12 without charger” (AFAIK, they never sold the 12 with a charger). Also, average top of the line smartphone prices have gone up world wide.
Also FTA: “The depreciation of the Brazilian Real and the pandemic helped to increase the U.S. dollar over Brazil’s currency.”
I guess that could easily explain why the 12 mini is cheaper than the 11 in the USA, but equally priced in Brazil.
It would be a different case if Apple stopped including the charger and earpods with the iPhone 11.
Also, it should be marked prominently on the box that the device doesn’t come with a charger or earplugs and won’t be self-sufficient. Let’s just regulate by making any device sold without charger display a 2x2cm logo on the box saying « I come without charger ».
I don’t buy a car expecting it to be missing tires or wheel.