Microsoft is raising the price of first-party video games to $80. The move comes as the company also increases the price of its console and peripherals. Hardware price increases are effective immediately.

Microsoft will be raising the recommended retail prices of its Xbox consoles and controllers, and video games are next. Microsoft says some new first-party games will see a holiday season price increase to $79.

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,