Microsoft is increasing the recommended asking price of most Xbox hardware worldwide starting today and will start charging $79.99 for some new first-party games this holiday season. The announcement comes after "careful consideration given market conditions and the rising cost of development," Microsoft said.

In the United States, this means Microsoft's premiere Xbox Series X will now cost $599.99 for a unit with a disc drive (up from $499.99), while the Digital version will cost $549.99 (up from $449.99). On the lower end, a 1 TB Xbox Series S will now cost $429.99 (up from $349.99), while a 512GB unit will cost $379.99 (up from $299.99).

This is a developing story and will be updated with further information.