PS5 price increased substantially by Sony, blaming global economic problems

Sony will substantially increase the price of the PlayStation 5, it has said.

The price of the console will jump by 10 per cent in Europe, with similar increases coming in Japan, China, Australia, Mexico and Canada, it said.

Sony blamed global economic difficulties for the increase.

“The global economic environment is a challenge that many of you around the world are no doubt experiencing,” said Jim Ryan, the president and chief executive of Sony Interactive Entertainment.

“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.”

He said that the decision to increase the price was “difficult”.

It is just the latest difficulty for people who are still trying to get hold of the new PlayStation. Even nearly two years after its release, supply remains limited.

“While this price increase 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 so that as many players as possible can experience everything that PS5 offers and what’s still to come,” said Mr Ryan in the same announcement.

All of the price changes will go into effect immediately, with the exception of the increase in Japan.

The changes mean that the PS5 with a disc drive is now €549.99 or £479.99.