Sony Hikes The Price Of PS5 Consoles, Citing Inflation and Economic Concerns

PS5 Via Unsplash by Dennis Cortes
PS5 Via Unsplash by Dennis Cortes

Sony on Thursday hiked the price of its PlayStation 5 games console in several international markets, citing the global economic mayhem, including high inflation.

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The Japanese gaming behemoth said that the price hikes are effective immediately except in Japan, where they will begin on Sep. 15. Sony is not raising the price of the PS5 in the U.S.

“The global economic environment is a challenge that many of you around the world are no doubt experiencing,” Sony said in a blog post. “We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.”

The company said that “based on these challenging economic conditions,” it has decided to raise the price of its flagship console.

These are the hikes and new prices for the PS5:

  • Europe: 50 euro ($50) increase to 549.99 euros for the disc version and 449.99 euros for the digital version
  • UK: £30 increase to £479.99 for the disc version and £399.99 for the digital model
  • Japan: 5000 yen increase to 54,980 yen for the disc version and 44,980 yen for the digital model
  • China: 400 yuan increase to 4,299 yuan for the disc version and 3,499 yuan for the digital model
  • Australia: 50 Australian dollar increase to 799.95 Australian dollars for the disc version and 649.95 Australian dollars for the digital model
  • Mexico: 1,000 Mexican pesos increased to 14,999 Mexican pesos for the disc version and 12,499 Mexican pesos for the digital model
  • Canada: 20 Canadian dollars increase to 649.99 Canadian dollars for the disc version and 519.99 Canadian dollars for the digital model.

Sales at Sony’s gaming unit declined 2% year-on-year in the June quarter while operating profit plummeted nearly 37%.