June 17 (Reuters) - Apple CEO Tim Cook said in an interview with the Wall Street Journal that the company plans to raise prices on its products to offset the impact of rising costs for memory chips and storage.

The surge in AI-driven demand from data centers has forced consumer electronics companies into fierce competition for dwindling supplies of key components, resulting in a sharp rise in prices.

Groups representing automakers, retailers, electronics companies and others warned earlier this month that rising demand for memory chips could lead to significant price increases for goods for consumers in the United States and cause disruptions in supply chains.

Cook told the Wall Street Journal, "Unfortunately, there is no escaping price increases. We are doing our best to mitigate the enormous increases being imposed on us, and we have tried to protect our customers from these increases, but the situation has become unsustainable."

Cook, who will hand over the reins to John Ternos in September, did not reveal when prices would rise, how much, or which products might be affected.

Reports indicate that Apple is planning to launch its first foldable iPhone in September, along with the iPhone 18 Pro and Pro Max.