Xbox Live Message - Increase in Yearly Subscription Price

Hi

I received a message via xbox live on the xbox one today.

It advised that the price is increasing to £49.99. I paid for 12 months in April 2019 and my renewal is not due until May 2020.

The message says all current subscriptions will be kept for 90 days and users will be charged on August 7th 2019. Does this mean that I will be charged again? Or does it just mean that my price will increase from my renewal date?

The message really isn't clear, but surely they can't charge me again only 3 months after I paid for a years subscription?

Thanks to anyone that can help

:)