PS2 and Xbox prices have been cut.

It’s been rumored for awhile now and today it became official. Sony and Microsoft have cut the price on their respective console game systems from $199 to $179 effective immediately. OK, so $20 isn’t much to write home about, but it’s enough to big up one of the “greatest hits” titles that sell for $19.99 along with a new console.

In Sony’s case this is a temporary price drop to clear out existing inventories in preparation for a June deployment of a new PS2 that will include the Network adapter that is currently a $40 add-on for existing owners (though that does get you a game as well). The price will go back to $199 at that point. No word on if Xbox will raise it’s price back to $199 in June, but with as bad a beating as Microsoft is taking on their console I wouldn’t be surprised if they keep the price $20 cheaper to try and spur better sales.