Currently, the standard PlayStation 5 console is priced at $499.99. The pricing was announced in a blog post shared by PlayStation Wednesday, which stated: “Similar to many global businesses, we continue to navigate a challenging economic environment.

Buying the latest-gen Sony console just got more expensive as the company just raised the price of PlayStation 5 consoles.

Sony, which joins other video game console makers in hiking their prices, attributed the increase to the "challenging economic environment."