PS5 becomes the latest video game console to get a price hike in the US

After months of speculation, the day has finally arrived: Sony has officially announced that the price of its PlayStation 5 (PS5) gaming console will be increasing in the US.

The prices of the PS5, PS5 Digital Edition, and PS5 Pro will all increase by $50 in the US, starting August 21. You can see the new prices below.

• PlayStation 5 — $550 (up from $500)
• PlayStation 5 Digital Edition –- $500 (up from $450)
• PlayStation 5 Pro — $750 — (up from $700)

Sony states that the PS5 price increase is due to a “challenging economic environment.” The price of PS5 accessories, such as DualSense controllers, will “remain unchanged.”

The reasoning for the price hike is likely due to the Trump Administration’s tariffs on imported goods from countries like China and Japan, where the PS5 is predominantly manufactured, though Sony hasn’t confirmed that.

Sony already raised the price of the PS5 in Europe earlier this year

Microsoft raised the Xbox Series X price, and Nintendo increased the Switch’s, so the PS5 isn’t alone

Sony / Pocket-lint

Sony’s price hike for the PS5 in the US isn’t the first of its kind this year. Back in April, Sony announced it was increasing the price of the PS5 in the UK, Europe, Australia, and New Zealand. At the time, Sony attributed the price hike to a “challenging economic environment” and “high inflation and fluctuating exchange rates” in the affected countries.

In its blog post about the PS5 US price hike, Sony stated that it has “no other price changes to announce for additional markets.” One country that has so far avoided a price hike is Canada, where the standard PS5 remains at $650 CAD.

The PS5 isn’t the only gaming console to experience a price hike in the US this year. In May, Microsoft raised the price of the Xbox Series X to $600 in the US, up $100 from its original $500 price tag. It also raised the price of the Xbox Series S to $380, up $80 from the $300 price tag it launched at.

Earlier this month, Nintendo raised the price of its original Nintendo Switch console in the US, now selling it for $340, up from $300. The Switch OLED also got pricier, jumping from $350 to $400, while the Switch Lite’s cost rose to $230, a $30 increase from its previous $200 price. So far, the price of its brand-new Switch 2 console, which starts at $450, has remained unchanged.

Sony’s PS5 price hike goes into effect on August 21, with all its PS5 models going up by $50 in the US. With the PS5 price increasing, now is a good time to consider buying one of Sony’s older consoles, like the PS3, which can be found cheaply online and provides a nostalgic experience. I did this, and I don’t regret it.