This piece of news has been floating around the net yesterday. Sources have stated that Sony has officially slashed the price of the PlayStation 3 160GB, from $299 to $249. $50 price cut is a lot! You can get an additional game with the price cut!

The 320GB will be selling for $299.

160GB PS3 is also dropping in price in Europe and PAL territories to 249 Euros (349 Euros for the 320GB). In Japan, it will drop to 24,980 Yen. (29,980 Yen for the 32 GB version). The U.S. and European/PAL price drops are effective immediately. The price cut for Japan kicks in on August 18.

Will the price cut increase PS3 console sales?