Sony is also contending with ongoing supply chain issues that make it difficult to make enough PS5 consoles to meet demand.
Rival Xbox, which Microsoft makes, has not yet announced any price increases.
Given the fact “that the PS5 has been severely supply constrained since launch, with many consumers unable to buy Sony’s latest console, and the fact that Microsoft has shown no indication yet of increasing its Xbox Series pricing, there is no doubt that this price increase will have been a hard decision to make,” Piers Harding-Rolls, research director at Ampere Analysis, wrote in a note on Thursday.
“However, with inflation and price increases being felt through the component supply chain, much of that priced in US dollars, alongside continued high costs in distribution, Sony has now had to pass on some of those cost increases to try and maintain its hardware profitability targets.”
Harding-Rolls said that he does not expect this to put off gamers wanting to buy a PlayStation 5 given demand remains high.
