Sony hiked the price of its flagship PlayStation 5 console in Europe, Australia and New Zealand, citing a “challenging economic environment” behind its move.

In Europe, the PS5 Digital Edition will now cost 499.99 euros ($569.9), Sony said in a blog post on Sunday. That is up from a previous price of 449.99 euros. The company said the U.K. recommended retail price is £429.99, a rise from the previous price of £389.99.

There is no price increase for the PS5 with HD Blu-ray disk drive in Europe and the U.K, while the PS5 Pro, an upgraded model of the console which was launched last year, was also spared hikes.

PS5 prices were also boosted for sales into Australia and New Zealand.

Sony said it has made the “tough decision” to raise prices against the “backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates.”

Global financial and currency markets have been volatile since U.S. President Donald Trump announced so-called “reciprocal tariffs” on more than 180 countries earlier this month. Since then, Trump has reduced some levies to allow time for negotiations and has exempted certain products, like smartphones.

Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, said its likely Sony will also raise PS5 prices in the U.S.

“I would be very surprised if Sony was able to keep the PlayStation prices in the US stable. Now is the ‘right’ time for the company to hike prices because user backlash would be comparably limited,” Toto told CNBC on Monday.

“So yes, I expect Sony to raise prices in the U.S. eventually, once it’s at least a bit more clear where exactly tariffs are headed.”

It’s not the first time that Sony has boosted prices for the console, which is now more than four years old. It previously undertook hikes in 2022 in various countries and regions, then further lifted the console’s price in Japan last year.