Xbox gaming boss Phil Spencer has no plans to up the price of their consoles amid these "economically challenged" times.

The executive insisted it would be the wrong move for them to make amid a global cost of living crisis.

In an interview with CNBC, he said: “I can definitely say we have no plans today to raise the price of our consoles.

“We think in a time when our customers are more economically challenged and uncertain than ever, we don’t think it’s the right move for us at this point to be raising prices on our console.”

However, Microsoft can't rule price hikes out in the future, with Spencer adding the firm is "always evaluating” business.

At present, Xbox Series X retails for $499, while the digital Xbox Series S costs $299.

By contrast, Sony recently upped the price tag of their PS5 in a number of territories - not including the US - due to “high global inflation rates.

A blog post read: "The global economic environment is a challenge that many of you around the world are no doubt experiencing. We’re seeing high global inflation rates, as well as adverse currency trends, impacting consumers and creating pressure on many industries. Based on these challenging economic conditions, SIE has made the difficult decision to increase the recommended retail price (RRP) of PlayStation 5 in select markets across Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada. There will be no price increase in the United States."

In the UK, for instance, the PS5 with Ultra HD Blu-ray disc drive is now priced at £479.99, and the PS5 Digital Edition, £389.99.