Microsoft has officially announced that they’ll be dropping the price on their Xbox 360 console. Confirming what’s been perhaps one of the worst kept secrets of videogaming this year, the firm will be lowering the price on all three models of consoles. The Xbox 360 Elite will be priced at $449 (previously $479), the Xbox 360 at $349 (previously $399) and the Xbox 360 Core at $279 (previously $299). The new prices will go in effect August 8, just in time for the Madden 2008 launch, as previously speculated by various leaked retailer ads.

“The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360,” said Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft. “On the eve of the best holiday games lineup ever and the launch of ‘Madden NFL 08,’ there has never been a better time to jump into Xbox 360.”