The price of Sony PlayStation 5 game consoles will increase in the US by $50 from August 21st as the Japanese technology company grapples with rising costs and a slowing video game market.
Like many global businesses, the firm faces a “challenging economic environment”, Isabelle Tomatis, Sony Interactive Entertainment’s vice president of global marketing said in a blog post.
All three PlayStation 5 consoles will see a similar price increase. The most expensive Pro version now has a recommended retail price of $749.99. The price hikes come after US President Donald Trump imposed tariffs on most of America’s trading partners, including Japan, which has led to fears of rising costs.
“We’ve made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US starting on 21 August”, Ms Tomatis said. The base model of the PlayStation 5 will cost $499.99 in the US, she added.
The blog post went on to say that the recommended retail prices for PlayStation 5 accessories will remain unchanged and the firm has no other price changes to announce for other countries.
US importers of Japanese goods currently face a 15% tariff on products they sell. Sony raised console prices in the UK and Europe earlier this year, citing high inflation and fluctuating exchange rates.
US gamers have seen similar price hikes from other companies like Nintendo, which recently increased the price of the original Nintendo Switch. The £75 price tag on titles like Mario Kart World has sparked criticism from players over the rising cost of gaming.
Microsoft also raised the price of its Xbox consoles and accessories in various countries this year.
Source: BBC News
Image Credit: Sony