This sucks and it is surprising how badly they handled the situation. They should at least offer existing customers priority for contact renewals. That's custom

This sucks and it is surprising how badly they handled the situation. They should at least offer existing customers priority for contact renewals. That's customer retention 101. Having to hike prices due to rising costs is understandable, and maybe they found it highly unlikely that low-cost clients would convert, but if you don't propose you can't retain. And more importantly the company has taken a reputation hit, very unprofessional.