Sony has increased the price of the PS5 in several regions, at a time when rising inflation has already put consumers in trouble.
The retail price of both the PS5 and PS5 Digital Edition is rising in the UK, Australia, Europe and other markets. In a blog post (opens in new tab)Sony said the new prices will be effective immediately, although the console will not see a price hike in the US.
Here are the new PS5 prices:
- PS5 – £479.99 (up £30 from £449.99)
- PS5 Digital Edition – £389.99 (up £30 from £359.99)
- PS5 – AU$799.95 (up AU$50 from AU$749.95)
- PS5 Digital Edition – AU$649.95 (up AU$50 from AU$599.95
- PS5 – €549.99 (previously €499.99)
- PS5 Digital Edition – €449.99 (previously €399.99)
- PS5 – CA$649.99 (previously $629.99)
- PS5 Digital Edition – CA $519.99 (previously $499.99)
- Japan (effective September 15, 2022):
- PS5 – 60,478 yen (previously 49,980 yen)
- PS5 Digital Edition – ¥49,478 yen (previously 39,980 yen)
- PS5 – 4,299 yuan (previously 3,899 yuan)
- PS5 Digital Edition – ¥3,499 Yuan (previously 3,099 Yuan)
- PS5 – MXN $14,999 (formerly MXN $13,999)
- PS5 Digital Edition – MXN $12,499 (formerly MXN $11,499)
Sony president and CEO Jim Ryan said the price increase was implemented in response to inflation.
“We’re seeing high global inflation rates, as well as unfavorable currency trends, impacting consumers and putting pressure on many industries,” Ryan said. “Based on these challenging economic conditions, [Sony] has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets.”
He also acknowledged PS5’s ongoing inventory shortages, with players still finding it difficult to purchase the console in stores. Sony will take steps to improve PS5 delivery, although hasn’t outlined exactly what that entails.
“While this price increase is a necessity given the current global economic environment and its impact on [Sony’s] business remains our top priority to improve the PS5 supply situation so that as many players as possible can experience all that PS5 has to offer and what is to come,” said Ryan.
The price hike couldn’t have come at a worse time, as inflation rates are soaring around the world. With prices rising, consumers are finding that their money doesn’t extend as far as it used to. In the UK, that is only exacerbated by a crisis in the cost of living.
This PS5 price hike could be the final push that puts the console out of reach for many would-be PlayStation players. It is also the latest example of a multinational technology company shifting the burden of rising global prices onto consumers. Last month, Meta increased the price of the Oculus Quest 2 by $100 / £100 / AU$150 in response to rising production costs. Before that, Amazon increased the annual fee of an Amazon Prime subscription in the UK by 20%, again pointing to inflation and rising operating costs.
In the meantime, Microsoft has not indicated any plans to increase the price of the Xbox Series X|S. While the flagship console also experienced stock shortages, the cheaper Xbox Series S was easier to find and has even gone on sale several times. The weaker chipset makes the system cheaper and easier to manufacture, potentially protecting it from an immediate price hike.
If that turns out to be true, the Xbox digital console will look more appealing than ever. Factor in Xbox Game Pass, in addition to the trick that lets you subscribe for a bargain price, and Microsoft’s secondary new-gen system continues to offer great value for money alongside Sony’s offerings.
Earlier this month, Nintendo said it currently has no plans to increase the price of the Nintendo Switch. President Shuntaro Furukawa told Nikkei (opens in new tab) it wanted to “avoid pricing people out,” despite handheld console sales slumping in recent months.
Current PS5 owners will be glad they picked up the system from Sony early on, but could be in for a shock when the cost of the recently unveiled PS5 pro controller is revealed. After this price hike, don’t expect the new controller to be cheap.