TL;DR
cPanel was bought out and the new investment firm has the hosting world over a barrel and is hiking prices.  Now we are forced to make adjustments.

On December 31, 2018, all support for PHP 5.6 will end.  This means that if a vulnerability or bug is found after support ends, there will not be a patch released by the PHP project and your site/hosting account could be easily hacked as soon as someone finds and publishes a vulnerability.