Apple is raising its prices to offset the high cost of memory and storage, CEO Tim Cook told The Wall Street Journal. Apple is no longer able to absorb the increased prices and will need to pass some of the cost on to consumers. "Unfortunately, price increases are unavoidable," said Cook.

Apple CEO Tim Cook has confirmed that price hikes for iPhones, Macs and iPads are coming as soaring memory and storage chip costs hit the company. The increase could affect future Apple products, with Macs and iPads potentially seeing higher prices first.