Microsoft office 365 subscription hostages

We are a small enterprise and have been using a Microsoft office 365 business standard subscription for a few years. In general we are happy with the product however with the current annual renewal coming up we received a price increase notice email less than 20days prior to the renewal date stating that a price increase will be effective on the renewal date unless we cancel our subscription prior to this date. I contacted Microsoft support to request an early renewal to avoid the price increase but was told there is no such option and that the increase will be charged on the renewal date unless we cancel our subscription. I feel this is extremely unfair practice from Microsoft. Our budgets are set and there has been no indication from Microsoft in earlier renewal reminder emails nor on the Admin portal of a price change.