Sony has announced price hikes for the PlayStation 5 console amid growing economic pressures.
The popular gaming console will see its cost jump from €499.99 to €549.99 for the Ultra HD Blu-ray disc drive version. The price hikes will come into place for Ireland, Europe, Japan, and Britain.
CEO of Sony Interactive Entertainment, Jim Ryan said: "We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries." However, the electronics giant said there will be no price hikes in the US following a major expansion of the rival Microsoft Xbox's gaming subscription service.
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Sony has been hit by supply chain issues and hardware shortages this year. The Japanese firm hopes to sell 18 million units in the current financial year after selling 11.5 million units in the year that ended in March.
Ryan added: "[The 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."
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