Sony Group Corp (NYSE:SONY) is raising the prices of PlayStation 5 and PlayStation 5 Digital Edition in select markets starting today.
The rises come just a day after Sony was sued for £5bn over PlayStation store prices as 9mln claimants alleged the company is ripping off consumers with overpriced games and in-game purchases.
Sont said the price hikes reflected "challenging economic conditions" including high global inflation rates and adverse currency trends.
"We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries," Jim Ryan, chief executive of Sony Interactive Entertainment said in a blog post.
The new prices are effective immediately in select markets throughout Europe, the Middle East and Africa, Asia-Pacific, Latin America, and Canada.
Some regions, such as Japan, will begin to implement the updated pricing on September 15.
Sony has confirmed that there will be no price increase in the US.
In Europe, the PlayStation 5 with disc drive will now be available for €549.99 while the PS5 Digital Edition will be available for €449.99.
In the UK, PlayStation 5 with disc drive will now cost £479.99, whereas PS5 Digital Edition will cost £389.99.