iPad mini rumored for release alongside iPhone 5 in October 2012

According to a source cited by iMore, the device will debut in October.

Apple is expected to launch the product along with a new iPhone model in the fall and the iPad mini would have a $200 to $250 price point.

The insider reveals that this tablet will be a reduced version of the current 9.7-inch iPad.

Although the screen size decreases, Apple keeps the resolution of 326 pixels per inch, similar to the one on the iPhone 4/4S.

As for the cost, the source claims the price tag will vary around $200 to $250.

Given that the current iPad is offered at $500, the site notes that such a price tag seems unrealistic and that the only way Apple can maintain these costs is by offering less storage capacity.

Yesterday Digitimes reported that the Cupertino tech giant is planning to offer a mini iPad with a 7-inch screen and a screen resolution of 1,024 by 768 pixels in the month of August.

The site mentioned that the production of such a tablet has been entrusted to Foxconn.