The new prices changes are to take effect immediately.
Sony has announced that the prices of the PlayStation 5 - both the Digital Edition and the version with the disc drive - will be raised in the UK and across the world.
The company has said they are increasing the price of the much-sought after console by £30 because of the "current global economic environment."
Specifically, Sony cited "high global inflation rates" as one of the reasons for the price hike.
Jim Ryan, the President and CEO of Sony Interactive Entertainment, made the following statement: "The global economic environment is a challenge that many of you around the world are no doubt experiencing. We're seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries.
"Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5 in select markets."
The price rise is effective immediately, and means the standard version of the console will increase in price from £449.99 to £479.99. The Digital Edition, without a disc drive, will also increase in price by exactly £30, to £389.99.
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Ryan continued: "While this price increase is a necessity given the current global economic environment and its impact on SIE’s business, our top priority continues to be improving the PS5 supply situation so that as many players as possible can experience everything that PS5 offers and what’s still to come."
Similar price rises are also taking place across Europe, Japan, China, Australia, Mexico and Canada.
However, the price of the console will stay the same in the US, despite high inflation also being an issue there.
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