It’s finally official after all the rumors, speculations and retailers having a difficult time keeping the news under wraps. Microsoft has now officially announced a price drop for its Xbox 360 game console, which is the first since the consoles launch.

The announcement brings a $50 price cut off the Premium, 20GB system leaving it at $349.99. Microsoft is also taking the black, 120GB Elite system down $30 bringing its price to $449.99 and finally Xbox 360 Core system will be priced at $279.99 after a $20 drop.

You’ll be able to take advantage of these reduced prices at retailers starting August 8th. This price cut will be followed shortly after on August 14th with the launch of Madden NFL 08 for the Xbox, which Microsoft is likely hoping will entice additional console sales.

Xbox Announcement