New Delhi, June 18 -- Apple Inc's Chief Executive Officer (CEO) Tim Cook on Wednesday (local time) announced that the company will raise prices on its products to offset soaring costs of memory and storage chips.

Cook told The Wall Street Journal, "Unfortunately, price increases are unavoidable. We're doing our best to mitigate the huge increases that are being passed to us, and we've been trying to shield our customers from the increases, but the situation has become unsustainable."

Cook, however, did not offer details on the timing or scale of the planned price surge, nor which products would see a price jump. The company's next major product launch is expected in September, when it unveils the iPhone 18 lineup, which is also likely t...