Sony increases PS5 prices due to high inflation

Lavina Daryanani
Source: IGN

Over the last couple of weeks, the CPI numbers of a host of nations were revealed. For starters, the inflation figure in the US stood at an eased 8.5%. However, the same remains at historically high levels, which is not a very encouraging sign for consumers. Even Canada is in the same boat; its reduced rate of 7.6% was the highest recorded rate since January 1983.

UK’s inflation numbers, however, stand at a 40-year high currently [10.1%], while that of the Eurozone is at a 25-year peak [8.9%]. Even in Asian countries like China, consumer inflation continues to rise.

Consumers have been bearing the brunt of inflation, but producers have now started feeling the pinch. Sony, for instance, recently announced that it is increasing PS5 prices in various regions and attributed “high global inflation rates” to doing so.

In a recent blog post, Jim Ryan, President & CEO at Sony Interactive Entertainment, said,

“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries. Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select market.”

Increasing prices a ‘necessity’: Sony Exec

Notably, the select markets include Europe, the Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), and Canada. The United States, however, was excluded from the list. In most regions, the updated prices are effective immediately; in Japan alone, the same will come into effect on 15 September.

The Sony exec further highlighted that the price rise was a “necessity,” however, the multinational conglomerate will continue to strive to improve the supply situation. Elaborating on the same, Ryan said,

“While this 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 so that as many players as possible can experience everything that PS5 offers and what’s still to come.”

In other news, Sony revealed a new customizable DualSense Edge controller for PS5 earlier this week. The controller, as such, will come with updates to the hardware and the software. The controllers will come with changeable stick caps and back buttons for personalization, allowing them to remap and deactivate specific button inputs.

The new controllers will allow users to save multiple control profiles. These profiles can be used for both user and game-specific customizations.