The OLED Switch is £309 vs the launch Switch at £280. Thats a 10% bump for an upgrade over the 8 years.
Electronics haven't increased in price by 40%. The iPhone hasn't increased in price by 40%. The PS5 was £449 at launch or cheaper if you wanted to digital.
Nintendo are just pricing it high because they know they will sell like hotcakes regardless. They are going to be making bank on the hardware as well as the games.
Price seems fair to me. Remember you don't have to buy it
