Pakistan, May 8 -- Nintendo has announced price increases for its Switch 2 gaming console across key markets, citing rising memory chip costs driven by global demand and supply chain pressures. The company also warned of a significant decline in annual profit as production expenses continue to climb.

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According to the Japanese gaming giant, the price of the Switch 2 in Japan will increase by 20 percent from May 25. In the United States, the price will rise by 11 percent from September 1 to $499.99, while in Europe it will increase by 6 percent to €499.99.

The announcement comes as Nintendo projects a 27 percent drop in net profit for the fiscal year ending Mar...