The UK game console, which has been plagued by supply shortages since its launch in November 2020, will rise by 6% (£30), from £449.99 to £479.99. A cheaper disc-less version of the console will see the same price increase, from £359.99 to £389.99. Prices in Australia increase from AU$749.95 to AU$799.95 and from AU$599.95 to AU$649.95, respectively. There are even bigger increases in other markets. In Europe, a €50 price increase will raise the console’s price by 10% to €549.99 (£467), while in Japan, a price increase of ¥10,498, over 20%, brings the console’s price up to ¥60,478 (£373.74). “We are seeing high global inflation rates, as well as adverse currency trends, affecting consumers and creating pressure across many industries,” said Jim Ryan, president and CEO of Sony Interactive Entertainment, in a blog post explaining the price hike. “Based on these difficult economic conditions, SIE has taken the difficult decision to increase the recommended retail price (RRP) of the PlayStation 5 in selected markets.” The continued shortage of the PlayStation 5 means that the price increase is still a significant saving on the console’s open market value. A new, sealed PS5 is selling for more than £600 on eBay, fueling further supply shortages as scalpers scramble to snap up consoles at RRP whenever they become available. Consumer electronics price increases, even in a high inflation environment, are rare. While prices often increase when new models are introduced, it’s rare to see a price increase mid-life of a device. But Sony isn’t the first gaming company to react to inflationary pressures. In July, Facebook increased the price of its Meta Quest 2 VR headset by £100, a 33% increase, citing the same inflationary pressures. “By adjusting the price of Quest 2, we can continue to increase our investment in groundbreaking research and development of new products that push the VR industry to new heights,” the company said in a statement.
