Sony on Tuesday announced a price hike for its flagship PlayStation 5 console, even as the device enters its fourth year on the market.

The Japanese gaming giant said its suggested retail price for the PS5 is now 79,980 yen ($553), up 19% from the previous price. The hike will take effect from Sept. 2.

Sony cited a challenging external environment, including fluctuations in the global economy, as the reason for the price increase.