The Japanese gaming giant said that the price hikes are effective immediately except in Japan where they will begin on Sep. 15.

Sony isn’t raising the cost of the PS5 in the U.S.

“The worldwide financial climate is a test that a large number of you all over the planet are most likely encountering,” Sony said in a blog entry. “We’re seeing high worldwide expansion rates, as well as antagonistic money patterns, affecting purchasers and making strain on numerous businesses.”