Sony to hike PlayStation 5 prices as memory chip costs surge

Sony is set to increase the prices of its PlayStation 5 consoles globally, effective April 2nd. The standard PS5 will see a price rise from $549.99 to $649.99, marking a $100 increase. The PS5 Digital Edition will now cost $599.99, up from $499.99, also reflecting a $100 hike. Additionally, the PlayStation 5 Pro will now be priced at $899.99, an increase of $150 from its previous price of $749.99. This price adjustment is attributed to "continued pressures in the global economic landscape," as stated by Sony (The Verge, Engadget). This marks the second price increase for the PS5 within less than a year, following a previous hike of $50 for all three models in August 2022. The current price adjustments are unusual for gaming consoles, which typically see prices decrease over time rather than increase (Japan Times). The price of the PlayStation Portal handheld device will also rise, going from $199.99 to $249.99, reflecting a $50 increase (The Verge). The price hikes are attributed to rising costs associated with memory and storage shortages, which have impacted various consumer technology products (Ars Technica). Sony's decision to raise prices comes amid ongoing economic challenges that have affected the gaming industry and consumer electronics as a whole (Engadget).