“What you see right there is variable pricing,” Bowser told The Washington Post. “We’ll look at each game, really look at the development that’s gone into the game, the breadth and depth of the gameplay, if you will, the durability over time and the repeatability of gameplay experiences.
AKA corporate greed.
You misunderstand the relation of minimum wage to game prices. Video games, compared to other things like theatre, cool cars, fancy restaurants, are relatively cheap and high-longevity entertainment to be consumed at all income brackets; even if that means a single mom buying a used PS4, and one 140-hour Assassin’s Creed game a year for her son.
So raising the price in a country with such a HUGE low-income population can price out far more people than you realize. Even if inflation has grown, the budget has not changed for many of these people. It’s a broken financial system, yes, but that’s the situation.