The PlayStation 5 has had a tough time since its launch, contending with chip supply issues, a global pandemic, and tough competition from both the Nintendo Switch and Xbox consoles during this generation. It has always been difficult for fans to get their hands on the PS5, but now it looks like it is about to get even more challenging as Sony announces plans to increase the PlayStation 5 price in several regions.
In a post on the PlayStation Blog, Sony Interactive Entertainment president and CEO Jim Ryan explained that, due to the ongoing economic situation in several regions, “SIE has made the difficult decision to increase the recommended retail price (RRP) of the PlayStation 5 in select markets.” Citing global inflation and currency trends around the world, Ryan says that the increase is necessary to prevent an impact on the company’s operations.
This price increase will not impact every region. So far, the United States has been spared, but the following regions will see the cost of the PS5 go up: Europe: + €50, UK: + £30, Japan: + ¥5,000, China: + 400 RMB, Australia: + AUD $50, Mexico: + 1000 pesos, and Canada: + CAD $20.
These changes to RRP will go into effect immediately other than in Japan, where the PS5 will continue to be sold at the old price until September 15. This price increase averages around 10% across many of the markets in which the console is sold, which could impact sales going into the 2022 holiday season. It certainly hands an advantage to Microsoft, who has yet to indicate that prices will increase for the Xbox family of consoles.