Concerns over soaring Ram and storage costs loom large in the gaming sector.
Valve, the company behind PC games store Steam, said, external the issue meant it had to revise the launch date and pricing of its PC-console hybrid announced late last year.
Harding-Rolls added a further wave of inflation expected as a result of the US-Israel war with Iran could “compound the effect of the component price increases” and add to an already “difficult position” console companies currently find themselves in.
“This may have had an influence on the scale of these price increases,” he said.
In the US the PS5 console will now cost $649.99 (£488), while and in Europe it will cost €649.99 (£563) from 2 April.
Some people have reacted angrily to Sony’s pricing changes.
“€650 for the 5 year old console base console is just insane,” wrote one user in comments beneath Sony’s blog post announcing the new prices, external.
Another described the move as “disgusting” and said “prices should be going down not up this late into the generation” of the console.
“The only generation that the console prices are going up and not down,” added another user.
The announcement comes amid continued struggles for the video game industry, which has in recent months seen a slew of sudden developer layoffs, service price increases and controversial leadership changes.
Fornite-maker Epic Games became the latest gaming firm to announce job cuts on Tuesday, saying it was laying off 1,000 employees because a “downturn” in use of its massively popular online game had left it spending more than it was making.