PlayStation 5 price increase announced, by £30 in UK

Sony blames inflation, as it ups PS5 cost by €50 in Europe.

News by Tom Phillips Editor-in-chief

Published on 25 Aug 2022

Sony has increased the PlayStation 5 price, effective immediately, in most markets around the world.

The console's cost will rise by £30 in the UK and €50 in Europe, to £480/€550, or £390/€450 for the console's disc-less digital version.

Elsewhere around the world, Japan, China, Australia, Mexico and Canada will also see price rises. But the US will not see a price rise at this time.

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Sony deciding not to announce the news during Gamescom Opening Night Live, opting instead to show off a new premium PS5 controller.

PlayStation boss Jim Ryan confirmed the price hikes this morning, and blamed "high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressues on many industries".

Ryan said the move had been a "difficult decision", and that Sony's top priority remained "improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what's still to come.

Reacting to the news this morning, industry analyst Piers Harding-Rolls wrote that - however unpopular this move might be - the changes were unlikely to dent pent up demand, or Sony's bottom line.

"We believe there will be disappointment for some consumers that have been trying to buy a PS5 without success, or that were saving to buy the console just in time for the price to increase," Harding-Rolls wrote. "[But] the high pent up demand for Sony's device means that this price increase of around 10 percent across most markets will have minimal impact on sales of the console. We expect Sony's sales forecast for the PS5 to remain unchanged."

Today's price rise is an unprecedented move from the industry's biggest console manufacturers, though Sony's decision does follow a similar increase by Meta for its virtual reality Quest 2 headset. Last month, Facebook's parent company upped the price of Meta Quest 2 by $100, though offered customers some warning and promised to subsequently bundle in a game, Beat Saber, as something of a sweetener.

"At this stage there is no indication that Microsoft will be increasing its prices for the Xbox Series console. Undoubtedly, Microsoft will take advantage of Sony’s increase to push its 'value' message, especially around the Xbox Series S, Game Pass and its All Access offer as we enter the holiday shopping season. As such, this move hands some advantage to Microsoft."

Here's how the price is changing around the world, as of now:

Europe (+€50)