Here's What Sony Says About PlayStation Plus' recent price hike

The added membership tier as well as the recent market conditions are to blame for the price increase.

Sony raises PlayStation Plus prices by $40 extra like it's no big deal

Should We Tell Him?”- Fans Respond Hilariously After a PlayStation Fan, Being Unaware of the Price Hike, Reveals the Joy of Buying PS Plus Subscription! - EssentiallySports

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PlayStation Plus members can grab easy free store credit right now

there's gotta be something evil brewing for them to drop this bs #fyp

Greedy PlayStation Raises Prices on PS Plus Full Podcast