Sony is announcing PlayStation 5 game consoles will cost American consumers $50 more starting this week. The company did not give a reason for the price hike, but companies have been warning for months that tariffs could send prices higher on thousands of items,

Sony, which joins other video game console makers in hiking their prices, attributed the increase to the "challenging economic environment."

Buying the latest-gen Sony console just got more expensive as the company just raised the price of PlayStation 5 consoles.