In a move to spur momentum this coming holiday season, Sony has cut the price of PS3 by $50. That means the base 160GB model now retails for $249 in North America. In Europe it’s been reduced to 249 Euros and in Japan – 24980 yen.

Effective immediately, the top-tier 320GB model will retail for $299, as will the limited edition inFAMOUS 2 bundle which just recently make its way to stores in the states.

“While others in the space are losing steam, PlayStation 3 is gaining momentum and giving gamers everywhere more of what they want: an unparalleled line-up of exclusive games and access to the best in sports, movies and TV, all at a great value,” said Sony Computer Entertainment America CEO Jack Tretton.

With Sony’s upcoming marquee title Uncharted 3 due out this November, now’s the perfect time to pick up a PS3.

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Read more: PS3 80GB Dropping To $400 In September, Will Replace 40GB,  PS3 Sales Reach 1.2 Million During Holiday Season,  Sony America President Against Blocking Used Games,  Tretton: PS3 On Track To Meet 10 Million Sales Target,  Registered PSN Accounts Break 20 Million Barrier