SONY has revealed that the PlayStation 5 will increase in price from today due to high inflation rates.
Stock for Sony’s latest console is limited, meaning that many consumers hoping to buy one are still left empty handed almost two years after launch.
In a blog post, Jim Ryan, CEO of Sony Interactive Entertainment (SIE), wrote about the increase.
In a statement he explains how the price change will affect the majority of regions outside of the US.
This is an unusual move by the company, as typically console prices decrease years after launch in order to bolster sales numbers.
The last time this happened in the UK was in 2009 during the recession.
Nintendo increased the price of the Wii by £20 following the fall of the pound.
Ryan blames the current global economic crisis for Sony’s decision to increase prices on the console.
He wrote: “The global economic environment is a challenge that many of you around the world are no doubt experiencing.
“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.
“Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5.”
In the UK, both the disc-based and digital consoles will receive a price increase of up to 9%.
The more expensive disc-based console will increase from £449.99 to £479.99, an increase of £30.
PS5’s digital only version will also increase by £30 — from £359.99 to £389.99 — but as the price is lower, it makes a larger increase overall.
This will come as a blow to gamers who have struggled to get their hands on the console despite trying to buy one since its release.
The only way to purchase a PS5 in the UK without waiting for returning stocks is on the second-hand market where prices are often over £100 more than the retail price.
Written by Georgina Young on behalf of GLHF.
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