Microsoft Corp. announced a third substantial price increase for the company’s current-generation Xbox video-game consoles. Read more here

The increase is the latest price hike after Xbox consoles prices rose $20 to $70 last year.

Just hours after Apple increased its hardware prices across the board, Microsoft is doing the same with its Xbox consoles. For the third time.

Groups representing automakers, retailers, electronics firms and others had warned earlier this month that the increasing demand for memory chips could lead to dramatic price…