I am happy to announce that I have found a work-around; but it takes time.
I agree that the price increase is absolutely unnecessary, especially because MS decided to include Copilot in its Desktop apps.
So it would seem that they are effectively forcing users to pay for the copilot feature - which I do not use, at all.
If you do use copilot in Desktop apps, then you can stop reading my reply.
I found that Microsoft 365 Personal/Family Classic plans are still priced at the same pricing in my country, South Africa.
These are the steps that I followed in order to get rid of the price increase & copilot, because I couldn't "downgrade" to the classic plan.
Go to the MS Site Plans site & open the blue "Questions? Talk to an expert" button in the bottom right corner of the screen.
Wait for the Chatbot & select "Start", wait again for the response and select "Purchase/Renew". The chatbot will then transfer you to an agent. You will then need to explain to the MS Agent that you "Do not appreciate the price increase & would like to switch to the Microsoft 365 Personal/Family Classic plan since the option is difficult to find" (I could not find it for the life of me".
The agent that assisted me was very helpful. However I did hit a snag when they picked up that my subscription was still valid under Google play, I did cancel it through there 2 hours prior.
I then advised the agent that I will wait for the Google play subscription to end at the next billing cycle and that I will go through these steps again after it had cancelled.
I hope this helps anyone in the same boat as me.