If you're one of many people who've been waiting for the chance to nab a PS5, we've got news for you. No, Sony isn't producing more PS5 consoles, but they will cost you even more.

That's because Sony has increased the price of the PS5 console in several regions across the globe. Below, we'll explain why the PS5 is getting more expensive and give you the updated prices for the system. Let's get started.

Sony Announces a PS5 Price Increase Outside the US

Sony PlayStation 5 with DualSense wireless controller
Image Credit: PlayStation

Sony has revealed that it has increased the price of the PS5 console in several international markets. It announced the news in a Sony blog post, which read:

IE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets across Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada.

However, this will not affect US customers, as Sony noted that prices would remain unchanged in the country. Since 2020, gamers have struggled to get their hands on the PS5, as Sony couldn't meet the unprecedented demand for the console.

Sony has been letting its customers down for two years straight since the console launched in 2020. In February 2022, Sony shared that PS5 shortages will continue throughout the year. And in May 2022, the company disclosed it was still struggling to produce enough PS5 consoles.

On top of that, the PS5's price hike is an unexpected development. Here are the new prices of the PS5, which are effective immediately except for Japan, as noted below:

Canada

  • PS5 with Ultra HD Blu-ray disc drive – CAD 649.99
  • PS5 Digital Edition – CAD 519.99

Mexico

  • PS5 with Ultra HD Blu-ray disc drive – MXN 14,999
  • PS5 Digital Edition – MXN 12,499

Europe

  • PS5 with Ultra HD Blu-ray disc drive – €549.99
  • PS5 Digital Edition – €449.99

UK

  • PS5 with Ultra HD Blu-ray disc drive – £479.99
  • PS5 Digital Edition – £389.99

Australia

  • PS5 with Ultra HD Blu-ray disc drive – AUD 799.95
  • PS5 Digital Edition – AUD 649.95

Japan (effective September 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

Whether the price increase would affect sales will depend on how badly gamers want the PS5. So, it's worth holding on to your PS4 console in the meantime if you still have one. Check out all the ways to boost your PS4's performance, so you can use it optimally until you're ready to upgrade.

Why the PS5's Price Is Increasing in Most Parts of the World

woman's hands counting cash

Sony attributes the price hike to the "global economic environment" and "high inflation rates." As explained in the blog post:

The global economic environment is a challenge that many of you around the world are no doubt experiencing. We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.

Oddly, Sony would acknowledge that its customers are experiencing challenges due to the state of the economy and then turn around and announce a price increase in the same breath.

However, we can't say it's unmerited. Eurostat's data shows that annual inflation has reached 8.9% in the euro area and 9.8% in the EU in July 2022, up from 2.2% and 2.5% in 2021, respectively.

According to Deloitte, global supply chains have taken hit after hit in recent years due to factors like trade wars, COVID-19, the Russia-Ukraine war, and climate change. This supports Sony's stance and gives perspective on its failure to provide enough PS5 consoles to the market.

Unfortunately, the news also means that resellers will also probably increase their prices. So, it will cost you more no matter where you buy it if you're not in the US.

Why the PS5's Price Hike Won't Affect Sony

hand holding phone with price charts on screen

Usually, a price hike would discourage people from buying a product. Or, in this case, it would make them switch to the Xbox or an alternative gaming console. Given that customers are already frustrated after having to wait so long to buy the PS5 console, a global price increase is a bold move from Sony.

However, the heightened demand for the PS5 plays into Sony's hand. As the demand for the console has remained high since it launched, many people won't be discouraged by the price increase, even though it's unsettling.

Some will become even more motivated to buy it when the opportunity arises, as they don't know when they'd be able to get a new one again in the future.

More Bad News From Sony

This is probably not the news you expected to hear from Sony, but the PlayStation 5 is, unfortunately, getting more expensive. So, if you manage to get one, hold on to it and treat it like gold, as it is becoming a prized possession.