70 dollars works out at £56. We've been paying that here in UK since ps4 began if bought off psn store, sometimes even more.

$60 in 2000 is equal to $94 today, price rise to $70 is more than fair. 

No. It's not for many reasons already mentioned in the thread. Yours is an overly simplistic take. Also, no one said anything about the year 2000. The only thing 60 then would be an N64 game..because of again, Carts.

I'm worried because where I live, console game prices are calculated by converting the USA price to the local currency using the exchange rate and then adding an extra to make it profitable for retailers. That ends up being just too expensive here and unaffordable for most people, this increase will make this even harsher. I also fear that this will somehow make used games more scarce, with less people being able to buy them at release.

Third world country struggles aside, I think its fair considering that videogame prices have been stagnant for more than 10 years and game development cost has skyrocketed for AAA games.

PS2 games were $50 in 2000 which is $73 with inflation, Video game development is significantly more expensive now than 20 years ago. The flat line increase for video games is a large part of why crunch culture exist in the industry.  

This is true for the digital store/s. UK game prices have gradually gone up. For retail copies online, a (new) average game goes for around £50; which is £5 up from 8th gen.

Games are getting more expensive to produce, hence price hike.

Better be a facking good game then.
I expect solid experiances that are long lasting, if their gonna start chargeing more.

A game like God of War or Horizon Zero Dawn? fair enough charge 70$ for that.
But obviously not every game should be priced that high.

If games were complete at release without all the MTX, DLC, and whatnot. I'd be completely fine with it. Since that is not the case, publishers are just trying to get over by increasing the price on the base game while still doing the aforementioned practices.

if development becomes more expensive then sure, The smaller studios need to make some money.

Prices go up because your money is more worthless than it was in past because governments just print money.