Sony PS5 price increased in the US: Here are the new prices

Sony has announced that all PlayStation 5 console models will increase in price by $50 in the United States, effective August 21, citing economic pressures and challenging market conditions. The standard PlayStation 5 will now cost $549.99, up from $499.99, while the Digital Edition increases to $499.99 from $449.99. The premium PS5 Pro model jumps to $749.99 from its previous $699.99 price point. PlayStation 5 accessories will maintain their current pricing. "Similar to many global businesses, we continue to navigate a challenging economic environment," said Isabelle Tomatis, Sony Interactive Entertainment's Vice President of Global Marketing. "As a result, we've made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the U.S."The price increases come as the gaming industry grapples with economic headwinds, including tariffs on imported goods from manufacturing hubs like China, Malaysia, and Vietnam. Sony faces additional pressure from a 15% tariff on products shipped from Japan, where the company is headquartered. Sony previously raised PS5 prices in international markets including the UK, Europe, Australia, and New Zealand earlier this year, making the U.S. one of the last major markets to see increases. The company had initially raised console prices globally in 2022. The company joins competitors Microsoft and Nintendo in implementing price hikes. Microsoft increased Xbox Series X pricing by $100 in May, while Nintendo recently raised prices on its original Switch console—an unprecedented move for aging hardware.