The PlayStation 5 will be getting a price rise in Europe, with Sony blaming inflation for the price hike.

The disc drive version of the console was €499.99 at launch in 2020, but the console will now retail at €549.99.

The disc-free console, which used to retail for €399.99, will now retail at €449.99.

The PlayStation 5 has had a rough start to life, with the console still plagued by shortages nearly 2 years after release.

In a statement, Sony said "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 across Europe."

"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."

The price rise was unexpected, considering how the console is still hard to come by, but the current economic situation and this statement would indicate that tech giants like Sony are preparing to tighten their belts.

The 2006 launch of the PlayStation 3 is regarded as one of Sony's biggest howlers, with the suggested retail price for the console proving to be extortionate and playing a factor in the Xbox 360 gaining an early lead in the 7th generation console wars.

PlayStation 5 currently has the edge on the current Xbox series of consoles in terms of sales, but with shortages still abounding and the price of a console rising, this could be a deciding factor in the current console generation.