Is there an ethical problem with this approach to magazine subscription renewals?

I have been a subscriber to The Economist for at least ten years. It is a wonderful publication and I learn from it every week. However, over the years the price has gone from $99/year (printed) to $275/year (printed). My subscription ended with the June 1 issue; I didn’t renew at $275.

In an email today, they offered me half price – $137.50/year for a full year. Then next June, the price will double to the regular price of $275. I’m inclined to take the offer.

Is there an ethical issue with resubscribing at the discount, then cancelling next June, waiting a couple weeks for next year’s discount offer, and repeating?

Am I being a smart consumer or am I gaming the system? (or both?)