Because of Rising Inflation, Sony has Raised the Price of its PlayStation 5 Console.

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Sony raised the suggested retail price of its PlayStation 5 games console in a number of international regions on Thursday, blaming the global economic environment, which included rising inflation.

The price increases are effective immediately, except in Japan, where they will begin on September 15.

Sony raised the suggested retail price of its PlayStation 5 games console in a number of international regions on Thursday, blaming the global economic environment, which included rising inflation.

The price increases are effective immediately, except in Japan, where they will begin on September 15.

Sony will not raise the price of the PS5 in the United States.

“The global economic environment is undoubtedly a challenge for many of you around the world,” Sony wrote in a blog post. “We are witnessing high worldwide inflation rates as well as negative currency trends, which are affecting consumers and putting pressure on numerous businesses.”

The business stated that it has decided to hike the price of its flagship console “in light of these severe economic conditions.”

The following are the price increases and new prices for the PS5:

In Europe, the disc version costs 549.99 euros, while the digital version costs 449.99 euros.

UK: A £30 rise brings the disc version to £479.99 and the digital model to £399.99.

Japan: The disc edition costs 54,980 yen, while the digital model costs 44,980 yen.

China: The disc edition now costs 4,299 yuan, while the digital model costs 3,499 yuan.

Australia: The disc edition now costs 799.95 Australian dollars, while the digital model costs 649.95 Australian dollars.

Mexico: The disc version now costs 14,999 Mexican pesos, while the digital model costs 12,499 Mexican pesos.

Canada: A 20-dollar increase brings the disc version to 649.99 Canadian dollars and the digital model to 519.99 Canadian dollars.

Sony’s price increase comes as game companies such as Nintendo and Microsoft saw their sales fall in the second quarter as the pandemic-induced surge began to fade.

In the June quarter, sales at Sony’s gaming division fell 2% year on year, while operating profit fell roughly 37%. In addition, the Japanese conglomerate reduced its full-year earnings prediction for its gaming sector.

Sony is also dealing with ongoing supply chain challenges, making it difficult to produce enough PS5 consoles to meet demand. There has been a significant global scarcity of PS5s.

Given that “the PS5 has been severely supply constrained since launch, with many consumers unable to buy Sony’s latest console, and the fact that Microsoft has shown no indication yet of increasing its Xbox Series pricing,” Piers Harding-Rolls, research director at Ampere Analysis, wrote in a note on Thursday.

However, with inflation and price hikes felt throughout the component supply chain, much of which is priced in US dollars, as well as sustained high distribution costs, Sony has now been forced to pass on some of those cost increases in order to maintain its hardware profitability targets.

According to Ampere Analysis, Sony sold 21 million PS5s globally, whereas Microsoft sold 13.8 million Xbox Series systems.

Harding-Rolls stated that he does not expect this to deter gamers from purchasing a PlayStation 5 because demand remains high.

While we believe there will be disappointment for some consumers who have been trying to buy a PS5 without success, or who were saving to buy the console just in time for the price to increase,” he said. However, the high pent-up demand for Sony’s device means that this price increase of around 10% across most markets will have little impact on console sales.

We expect Sony’s PS5 sales prediction to remain unchanged.

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