Apple plans to increase prices for its products to offset the impact of rising memory and storage chip costs, reported the Wall Street Journal.

A sharp surge in artificial intelligence-driven demand from data centres has forced consumer electronics manufacturers into intense competition for dwindling supplies of key components, resulting in significant price increases, said its top official.

"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," remarked its Chief Executive Officer Tim Cook.

Raising prices has become unavoidable, stated Cook while speaking to WSJ.

Cook did not disclose when the price increases would take effect, the extent of the increases, or which products might be affected.