PS5 gets a price hike – at a time when few can afford it

techradar.com:

Sony has increased the price of the PS5 in several regions, at a time when soaring inflation has already made consumers feel the pinch.

The retail price of both the PS5 and PS5 Digital Edition is increasing in the UK, Australia, Europe, and other markets. In a blog post(opens in new tab), Sony said the new prices are effective immediately, although the console won’t see a price bump in the US.

These are the new PS5 prices:

Sony president and CEO Jim Ryan said the price increase has been made in response to inflation. 

“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries,” Ryan said. “Based on these challenging economic conditions, [Sony] has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets.”

He also acknowledged the ongoing PS5 stock shortages, with players still finding it difficult to source the console in retail stores. Sony will be taking steps to improve PS5 supply, although hasn’t outlined exactly what that will involve.

“While this price increase is a necessity given the current global economic environment and its impact on [Sony’s] business, our top priority continues to be improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what’s still to come,” said Ryan.

The price hike couldn’t come at a worse time, as inflation rates across the world rise. With prices rising, consumers are finding their money doesn’t stretch as far as it used to. In the UK, that’s only worsened by a cost of living crisis.

This PS5 price increase could be the final push that tips the console out of the reach of many would-be PlayStation