Sony is raising the price of the PS5

Nearly two years into the life of the PlayStation 5, Sony is taking the unusual step of raising the price of its current-generation console. Sony Interactive Entertainment president and CEO Jim Ryan said Thursday that the company will increase the retail price of the PS5 in Canada, Mexico, Europe, the U.K., Australia, Japan, and China, but not, apparently, in the United States.

Ryan said in a post on Sony’s PlayStation Blog that high global inflation rates and adverse currency trends are “impacting consumers and creating pressure on many industries.” Ryan blamed “challenging economic conditions” in announcing the decision.

“While this price increase is a necessity given the current global economic environment and its impact on SIE’s business,” Ryan said, “our top priority continues to be improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what’s still to come.”

Here are the updated prices of Sony’s two PlayStation 5 models, which with the exception of Japan, are effective immediately:

Europe

• PS5 with Ultra HD Blu-ray disc drive – €549.99 (+€50 from launch price)
• PS5 Digital Edition – €449.99 (+€50 from launch price)

U.K.

• PS5 with Ultra HD Blu-ray disc drive – £479.99 (+£30 from launch price)
• PS5 Digital Edition – £389.99 (+£30 from launch price)

Japan (effective Sept. 15, 2022)

• PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax)
• PS5 Digital Edition – ¥49,478 yen (including tax)

China

• PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuan
• PS5 Digital Edition – ¥3,499 yuan

Australia

• PS5 with Ultra HD Blu-ray disc drive – AU$799.95 (+AU$50 from launch price)
• PS5 Digital Edition – AU$649.95 (+AU$50 from launch price)

Mexico

• PS5 with Ultra HD Blu-ray disc drive – MX$14,999 (+MX$1,000 from launch price)
• PS5 Digital Edition – MX$12,499 (+MX$1,000 from launch price)

Canada

• PS5 with Ultra HD Blu-ray disc drive – CA$649.99 (+CA$20 from launch price)
• PS5 Digital Edition – CA$519.99 (+CA$20 from launch price)

The standard PlayStation 5 still costs $499.99 in the U.S., while the discless PS5 Digital Edition costs $399.99.

Sony’s move follows a similar price update from Meta, which raised the price of its Quest 2 virtual reality headsets by $100 in the U.S. in August. But the move is, as previously mentioned, unusual. Typically, the cost of console hardware is lowered over time by hardware manufacturers in an effort to draw in more price-conscious customers. But Sony has struggled to match the PS5’s supply to its demand, and component costs, particularly semiconductors, are still supply constrained. But weakened currencies, including the euro, Japanese yen, Canadian dollar, and British pound, offer consumers in those territories less spending power compared the strong U.S. dollar.