Apple last week issued a more affordable new iMac 2014 following earlier rumors. It is the company's latest entry in their all-in-one desktop series, entering the market with a lower price point immediately at release date.

The new cheaper iMac 2014 comes in 21.5 inches and is powered by a dual-core 1.4 GHz Intel Core i5 CPU. It has a 1920 x 1080 pixel LED screen, 8GB RAM, Bluetooth 4, 5,400 rpm hard drive and 802.11ac Wi-Fi.

The new iMac retains the slim-body form factor common to all iMacs.

As revealed in rumors by Macplus (French), while the Apple Store was down Wednesday last week, leaks came out that the company was on the way to launch a new iMac, the specs of which were revealed on an iMac box printout meant for the French market.

The specs appear considerably lower than Apple's previous lowest-end iMac, which boasted a 2.7GHz Intel Core i5 and came with a 4MB cache and featured 2.7GHz Turbo Boost.

This jibes with what KGI Securities analyst Ming-Chi Kuo had told, that Apple is working on low-end iMacs which will allow the iMac maker to compete with desktops manufactured by Lenovo and HP, whose sales growing in emerging markets such as China.

The new product will run OS X Mavericks (version 10.9), with a free update of OS X Yosemite (version 10.10) later as it becomes available.

Coming along with the iMac 2014 are iMovie, iPhoto, GarageBand tools and the iWork suite with Numbers, Keynote and Pages.

At release date, the iMac 2014 cost $1099, while the previous low-end iMac cost $1299.

Furthermore, the new iMac does not replace any existing iMac model, but comes rather as an addition in the product line-up.

It comes offering a $200 lower price tag, but along with its compromises only half the hard drive capacity, as well as a slower main and graphics processor.

In April, the Cupertino-based tech giant updated its lineup of MacBook Air notebooks, with processors that are slightly faster and lower priced, making their notebooks the most affordable in the company's history.