Sony has announced a dramatic rise in PlayStation 5 prices, with the UK version now costing £569.99, marking a 19% increase.

The gaming giant cites 'global economic pressures' and rising component costs as the reason for raising prices, including an eye-watering £90 on the PS5 console.

Gaming industry analyst Piers Harding-Rolls predicts that this move could set a precedent. 'It wouldn’t be a surprise if Microsoft and Nintendo followed suit,' he told BBC News.

Some gamers are already up in arms, with one user slamming Sony's decision: ‘€650 for the 5-year-old console base console is just insane.’

The tech saga continues as video game companies grapple with economic pressures and sudden layoffs. The PS5 price hike may signal tough times ahead for gaming enthusiasts.