After spending the last week ignoring the fact that everyone and his brother knew this was coming, Microsoft has finally officially announced the Xbox 360 price cut in the States.

The cat was out of the bag on this a while ago, with rumours only intensifying after sales promo material showing the price cuts was leaked on to the internet.

Today, the company has announced a price cut to take effect from the 8th, which means the 360 Core System will drop in price by $20, to $279.99, while the main 360 20GB model is reduced by $50 to $349.99.

Microsoft will also knock $30 off the price of the 120GB Xbox 360 Elite, reducing it to $449.99.

Pricing for the Xbox 360 Halo 3 Special Edition console was announced - it will be $399.99, out in September.

Sony recently cut the price of the PS3 in the States, it was fairly obvious that the Xbox 360, which has been out much longer then the PS3, would soon follow suit.

Microsoft has stated that we would not see a price cut in the UK, but whether these kind of statements actually mean anything is up to the individual to judge.