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.

Sony held out longer than Microsoft and Nintendo, but it too is increasing the prices of PlayStation consoles in the US starting on August 21. The standard PS5 (the one with with a disc drive) will now run you $550,

Each PS5 model will now cost $50 more thanks to what Sony calls 'a challenging economic environment.' It follows Microsoft and Nintendo also upping console prices.