Nintendo will hike the retail price of the Switch 2 after forecasting a decline in sales for its flagship console as the memory chip crunch hits the Japanese gaming giant.

Nintendo announced it would raise the price of its Switch 2 consoles to $500 starting Sept. 1.

In an announcement of the impending price increase today, Nintendo cited “changes in market conditions” and “the global business outlook” that are “expected to extend over the medium to long term.”