Microsoft says there are currently no plans to increase the price of its Xbox Series S and Series X consoles.

This comes after news of Sony's surprising global price hike for both models of its PlayStation 5 earlier today. 

Sony cites "challenging economic conditions" as the reason for the PS5 price increase as global inflation has hit its highest levels in decades.

While the company has been producing more consoles to meet its high demand,

the one-two punch of supply chain issues and the current economic state of the world have not helped at all.

“We are constantly evaluating our business to offer our fans great gaming options.

Our Xbox Series S suggested retail price remains at $299 (£250, €300) the Xbox Series X is $499 (£450, €500)," Microsoft said in a statement to Windows Central.(opens in new tab)

Once the news of the PS5 price hike broke, many folks online were wondering if the software and hardware giant would do the same,

and it seems like we got our answer. While it's good news that Xbox won't see a price increase at the moment,

there's no telling what will happen if global inflation continues to rise.

Global inflation rates and supply chain issues have been contributing factors to the "challenging economic situation" Sony is referring to.

Interestingly enough, the only region that won't receive a price increase on PS5s is the United States.