Sony will increase the retail price of its PlayStation 5 video game console in select markets because of global economic developments such as inflation, the CEO of Sony Interactive Entertainment said Thursday.

"We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries," Jim Ryan wrote in a blog.

The rise in the price will be effective in select markets across Europe, the Middle East and Africa, Asia-Pacific, Latin America, and Canada. There will be no increase in the US.