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Posted by: Matt Liebl

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It's been 8 months since the last official PlayStation 3 price drop, which saw Sony slash $50 off the recommended price, lowering the 160GB model to $249.99.  Earlier this month, video game analyst Michael Pachter said lagging console sales could lead to even more price cuts by Sony on the PS3 - by as early as E3.

Well, GameStop isn't waiting as they have just dropped the price of the 160GB PS3 to just $199.99.  There's no confirmation if this $50 price cut is permanent or temporary, but if you head over to GameStop you should be able to pick up the PS3 for a cool $199.99.

What does this mean for the PS3 as a whole?  Well, the decision to lower the price could indicate an incoming price cut by the console manufacturer. Or it could just be a surprise promotion by GameStop.  Currently, no other major retailers have lowered their price, but if this turns out to be a permanent price cut, then expect them to follow suit.

Tags: Sony, PS3, GameStop