Apple price hikes are 'fairly imminent,' report says

A few days ago, Apple CEO Tim Cook warned that Apple product prices are going up, due to the raging memory chip shortage that's putting pressure on consumer electronics manufacturers.

"Unfortunately, price increases are unavoidable," said Cook, which pretty much seals the deal for pricier iPhones and other Apple gadgets.

While Cook didn't share any other details, many folks (us included) assumed the price hikes would likely happen in the fall, when the company typically launches its new Apple Watches and iPhones. Now, it appears the changes might take the form of actual price increases for existing products, which isn't typical for Apple.

According to Bloomberg's Mark Gurman, the price hikes are likely "fairly imminent."

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"No other reason to flag them now. I’d also note that Apple back to school sale is very imminent, and it could make sense to tie these together as a buffer. Either way this is happening soon. Not a fall thing."

We could imagine Cook, who's on his way out as CEO, flagging future price hikes to make life a bit easier for his successor, John Ternus. But if Gurman is right, it could mean that the best time to get a cheaper iPhone is... well, right now, before prices go up.

Gurman also referenced Apple's "Back to School" sale, which typically starts mid-June. Apple could increase the regular prices of its products while still offering discounted education pricing to make the transition less painful.