Sony said today it was increasing the price of its PlayStation 5 games console in markets including Ireland, Europe, Japan and Britain following economic pressures including rising interest rates.
Sony said it is raising the price of the disk drive equipped version of the console to €549.99 from €499.99 previously in Europe with a similar hike in Japan.
The Japanese entertainment conglomerate said there would be no price increase in the US, where it is locked in battle with Microsoft's Xbox, which is aggressively expanding its games subscription service.
"We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries," Sony Interactive Entertainment's chief executive Jim Ryan said.
The price hike comes as Sony's games business has been squeezed by supply chain snarls feeding into hardware shortages, with the conglomerate aiming to boost PS5 production for the year-end shopping season.
While the price hike "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," gaming chief Ryan said.
Sony aims to sell 18 million units of the hit device in the current financial year after selling 11.5 million units in the year ended March.
