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O2 raises prices for existing customers

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O2 T&Cs say:

 

5.3 You can end this Agreement without having to pay the Monthly Subscription Charges up to the end of any Minimum Period you have left, if:

(a) we increase your Monthly Subscription Charges by more than the Retail Price Index (RPI) annual inflation rate at the date we notify you of the applicable price increase;

 

The RPI for November has just been published and it fell to 3%. O2 notified me about the increase of 3.2% on 13th December. It was before the new RPI figure came out, but... the new RPI figure covers (probably) the period in which O2 notified me, and it is less than O2's increase.

So... is that a valid contract exit argument?

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