Tokyo, Aug 25 (IANS): Japanese tech giant Sony on Thursday said that it is increasing the price of Play Station 5 (PS5) in select markets due to the global economic environment, including high inflation rates.

The new recommended retail price (RRP) is coming in select markets across Europe, the Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada.

"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," Jim Ryan, President and CEO, Sony Interactive Entertainment, said in a blogpost.

"Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price of PlayStation 5a" Ryan added.The company mentioned that there will be no price increase in the US.

In Europe, PS5 with Ultra HD Blu-ray disc drive will now be available for 549.99 euros ($549.84) and the PS5 Digital Edition at 449.99 euros ($449.86).

Similarly, in China, PS5 with Ultra HD Blu-ray disc drive will be available for 4,299 yuan ($627.73) and PS5 Digital Edition for 3,499 yuan ($510.91).

"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 company said.

The PS5 was launched in India for Rs 39,990 for the Digital Edition and Rs 49,990 for the Blu-ray version.