Sony makes the “difficult decision” to raise PlayStation 5 prices in the US

Sony announced that it will be raising the prices of its PlayStation 5 (PS5) console in the United States, effective August 21. The standard PS5 model will now start at $550, up from the previous price of $499. The digital-only version of the PS5 will also see a price increase, going from $399 to $450. In a statement, Sony attributed the decision to "high global inflation rates" and "adverse economic conditions," making it necessary to adjust the pricing to "continue to provide the best gaming experience." The price hike applies to the US market only, and Sony has stated that pricing in other regions may vary. The company acknowledged that this is a "difficult decision" but believes it is necessary to maintain the quality and value of the PlayStation platform. The announcement comes at a time when the gaming industry is facing various challenges, including supply chain issues and rising production costs. The price increase is likely to impact consumer demand and the competitiveness of the PS5 in the market.