Microsoft has just unexpectedly announced a price increase for Xbox Live Gold subscriptions that will become effective November 1st in the US, UK, Canada, and Mexico.
The increases go as follows:
Yearly subscriptions will be increased from $49.99 to $59.99
1-month subscriptions will increase from $7.99 to $9.99
3-month subscriptions will increase from $19.99 to $24.99
In order to attempt to make up for this sudden unwelcome announcement, Microsoft is at least running a new promotional offer that will allow you to grab a 1 year Xbox Live Gold subscription for $39.99. This is something you will probably want to take advantage of if your subscription is running out around the same time as the price increases.
You can lock into 12 months of Xbox Live Gold for $39.99 here