Sony has announced that the price of a one year subscription to PlayStation Plus will be raised to $59.99 USD / $69.99 CAD in North America and Canada respectively on the 22nd September.

As well as that, a three month subscription will soon set you back an extra $8 as the asking price increases to $24.99 USD / $29.99 CAD. The monthly plan will remain at $9.99 in the US, but Canadians can now expect to pay $11.99 a month.

Sony says that the price increase is due to current market conditions: "PlayStation Plus strives to enrich your PlayStation experience through a world-class service built for our fans. This marks the first time that PS Plus membership prices will increase in the U.S. and Canada since the launch of the service in 2010. The new pricing reflects the current market conditions while enabling us to continue providing exceptional value to our members."

It is not yet clear if this price increase will have any impact on PlayStation Plus in Europe or Japan.

How do you feel about this one? Try not to start a fire in the comments section below.