Sony cited "challenging economic conditions" as the reason why it decided to implement a price hike on PlayStation 5.
On the PlayStation blog, president and CEO Jim Ryan has announced that Sony Interactive Entertainment is increasing the console's price in most markets, as per Engadget.
With this, the gamers who do not have a PlayStation 5 yet would be needing to shell out more when they buy the console.
The Play Station 5 is now undergoing a restocking effort from Sony.
Sony CEO Says the Decision They Made is Very Difficult
According to the Sony CEO, the decision is very difficult for the company. However, they have to implement the price hike because of high global inflation rates, as well as adverse currency trends.
The new price varies between $30 to $100, as per TechCrunch. The price hike goes immediately in effect in Europe, the UK, China, Australia, Mexico and Canada.
Meanwhile, the price increase of PlayStation 5 in Japan will be implemented on September 15, said the company.
Gamers in the U.S. do not need to worry about this price hike because for now, there will be no price increase on PlayStation 5 in the country, according to Engadget.
"While this price increase is a necessity given the current global economic environment and its impact on SIE's business, our top priority continues to be improving the PS5 supply situation..." Sony said in the post.
The new price is as follows:
Europe
- PS5 with Ultra HD Blu-ray disc drive - €549.99 (previously €499)
- PS5 Digital Edition - €449.99 (previously €399)
UK
- PS5 with Ultra HD Blu-ray disc drive - £479.99 (previously £449)
- PS5 Digital Edition - £389.99 (previously £359)
Japan (effective Sept. 15, 2022)
- PS5 with Ultra HD Blu-ray disc drive - ¥60,478 yen (previously ¥49,980)
- PS5 Digital Edition - ¥49,478 yen (previously ¥39,980)
China
- PS5 with Ultra HD Blu-ray disc drive - ¥4,299 yuan
- PS5 Digital Edition - ¥3,499 yuan
Australia
- PS5 with Ultra HD Blu-ray disc drive - AUD $799.95 (previously AUD $749)
- PS5 Digital Edition - AUD $649.95 (previously AUD $599)
Mexico
- PS5 with Ultra HD Blu-ray disc drive - MXN $14,999
- PS5 Digital Edition - MXN $12,499
Canada
- PS5 with Ultra HD Blu-ray disc drive - CAD $649.99 (previously CAD $629)
- PS5 Digital Edition - CAD $519.99 (previously CAD $499)
Read Also: Sony's PlayStation 5 Slim Version Now Exists Thanks To YouTuber Matt Perks
Microsoft, Nintendo Do Not Eye a Price Increase on Their Consoles
According to TechCrunch, Sony decided to implement the price hike during a time when several gaming giants such as Nintendo and Microsoft have observed a slowdown in sales.
Ampere Analysis analyst Piers Harding-Rolls said that this price increase is a hard decision to make considering the fact that the PlayStation 5's supply has been constrained since its launch, and Xbox Series pricing indicates no increase.
There is no price hike in the respective gaming consoles of Microsoft and Nintendo. Thus, if they can retain their current pricing, their consoles would likely benefit from Sony's move.
According to a report by Nikkei, Nintendo president Shuntaro Furukawa said that the company has no immediate plans to implement price hike on Switch.
"In order to offer unique entertainment to a wide range of customers, we want to avoid pricing people out," Furukawa said.
Related Article: Sony Opens Another Public Queue for PlayStation 5 Restock
