The PlayStation 5 just got more expensive

Thinking about picking up a PlayStation 5 in the coming months? You may need to check your budget. The PS5 is not only hard to get a hold of, it's now even more expensive.

PlayStation confirmed today that they'll be upping the price of their highly sought after console, saying the increase is a "necessity given the current global economic environment".

The original price of the disc version of the console was set at $749.95, now gamers can expect to pay an extra $50 on top of that.

In a statement, Sony Interactive Entertainment CEO Jim Ryan says high inflation rates and adverse currency trends are putting the pressure on.

"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," Ryan said.

"Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets."

Those in the United States have been spared a price increase.

Here are the new prices in Australia:

• PS5 with Ultra HD Blu-ray disc drive – $799.95
• PS5 Digital Edition – $649.95

More on the price increase can be found in PlayStation most recent blog post.