Sony Group Corp said on Thursday it was hiking the price of its PlayStation 5 games console in markets including Europe, Japan and Britain following economic pressures including rising interest rates.

Sony said it is raising the price of the disk drive equipped version of the console to 549.99 euros ($550.81) from 499.99 euros previously in Europe with a similar hike in Japan.

The Japanese entertainment conglomerate said there would be no price increase in the United States, where it is locked in battle with Microsoft Corp’s Xbox, which is aggressively expanding its games subscription service.

“We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries,” Sony Interactive Entertainment Chief Executive Jim Ryan wrote in a blog post.

The price hike comes as Sony’s games business has been squeezed by supply chain snarls feeding into hardware shortages, with the conglomerate aiming to boost PS5 production for the year-end shopping season.