Chinese computer manufacturing company Lenovo Group Ltd (0992.HK) said Thursday that it will raise the prices of its products to offset higher costs.

At the media and communications conference on May 27, Yuanqing Yang, chairman and CEO of Lenovo, said that in the current trend, the components shortage is bound to bring its prices up.

For the increase in manufacturing costs, Lenovo will absorb part of it, and the rest will be offset by adjusting prices.

Yang said, “It is a dynamic process, and the price adjustment in time is also necessary."

At the same time, Liu Jun, president of Lenovo China, also pointed out that, "The world may see a trend in computer price increases this year."