Microsoft today announced a new low price for the Xbox 360 Arcade in the US. The new price puts it $50 lower than Nintendo's Wii at $199.99 (around £110), the standard Xbox 360 console is priced at $299.99 and Xbox 360 Elite at $399.99.

"We are thrilled to be the first next-generation console on the market to reach $199, a price that invites everyone to enjoy Xbox 360," said Don Mattrick, senior vice president of the Interactive Entertainment Business at Microsoft. "Xbox 360 delivers amazing performance at an extraordinary value with the leading online service and best lineup of games, downloadable movies and TV shows available from a console. The majority of consumers make the decision to buy consoles once the price falls to this mark, making this an important milestone for consumers and the industry."

Whether this new lower price will make its way over here, no one knows but we are hoping it will do soon.