Sony Is Raisng PS5 Prices Due to Inflation and Economic Pressures

The recommended retail prices will be increased in select countries across Europe, Africa, Asia-Pacific, Latin America, and Canada.

Sony announced today that it is going to increase the recommended retail price of PlayStation 5 in select countries across several regions. The markets that will see the price raise include Europe, the Middle East, Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), and Canada. The US seems to be the only major market that is not getting a price increase.

President and CEO of Sony Interactive Entertainment Jim Ryan announced the price change on the PlayStation blog explaining that this decision was caused by the "global economic environment" and "high inflation rates."

"The global economic environment is a challenge that many of you around the world are no doubt experiencing," he wrote. "We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries."

Most of the price increases are effective immediately, except in the Japanese market where the price change will come into effect on September 15.

Here are the new PS5 prices:

Europe:

  • PS5 with Ultra HD Blu-ray disc drive – €549.99, up from €499.99
  • PS5 Digital Edition – €449.99, up from €399.99


UK:

  • PS5 with Ultra HD Blu-ray disc drive – £479.99, up from £449.99
  • PS5 Digital Edition – £389.99, up from £359.99


Japan:

  • PS5 with Ultra HD Blu-ray disc drive – ¥54,980 yen, up from ¥49,980
  • PS5 Digital Edition – ¥44,980 yen, up from ¥39,980


China:

  • PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuan, up from ¥3,899 yuan
  • PS5 Digital Edition – ¥3,499 yuan, up from ¥3,099 yuan


Australia:

  • PS5 with Ultra HD Blu-ray disc drive – AUD $799.95, up from AUD $749.95
  • PS5 Digital Edition – AUD $649.95, up from AUD $599.95


Mexico:

  • PS5 with Ultra HD Blu-ray disc drive – MXN $14,999, up from MXN $13,999
  • PS5 Digital Edition – MXN $12,499, up from MXN $11,499


Canada:

  • PS5 with Ultra HD Blu-ray disc drive – CAD $649.99, up from $629 CAD
  • PS5 Digital Edition – CAD $519.99, up from $499 CAD

Ryan concluded the blog post by saying that Sony's top priority is to improve the PS5 supply situation which has been a problem since the console's launch due to ongoing chip shortages.

"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," he wrote.

Sony's move to raise the prices of PS5 follows a similar Meta's decision to increase Quest 2's prices by $100 that it announced last month. According to Ampere Analysis's research director Piers Harding-Rolls, price changes were a necessary decision for Sony that would help it cope with continued cost increases related to the component supply chain. He also predicts that Sony's forecast for sales will remain unchanged and that currently "there is no indication" that Microsoft will make the same move.

You can learn more about PS5 price changes here. Also, don't forget to join our Reddit page and our Telegram channel, follow us on Instagram and Twitter, where we share breakdowns, the latest news, awesome artworks, and more. 

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