#PS5 price hike

Sony has just announced on their PlayStation Blog that they will be effectively and immediately increasing the recommended retail price (RRP) of the PlayStation 5 (PS5) in the Philippines and in other regions. This is a price hike of almost PHP 3,000 from its initial price of PHP 27,990 when it was introduced back in 2020.   Sony has said that the price hike is due to the current global economic environment with high global inflation rates and adverse currency trends that have impacted consumers in many industries including Sony. Sony has also introduced price increases for the PS5 in other major markets such as Europe, the UK, Japan, China, Australia, Mexico, Canada, and other nations in Southeast Asia. However, Sony has stated that there is no price increase in effect for the PS5 being sold in the United States. The PS5 Pro will see the largest jump, now priced at $899.99. Industry analyst Piers Harding-Rolls said the price hike was expected and added that companies like Microsoft and Nintendo could follow if costs remain high. Jeepney, taxi, and TNVs' drivers already requested to raise fares in the wake of the impending fuel price hike as a result of the tax reform law. Read more in our articles including "Sony to increase PS5 price in the Philippines" and "PS5 gets price hike again as Sony cites global cost pressures".