A 45-year-old male patient with a severe exacerbation of chronic obstructive pulmonary disease (COPD) is being prepared for invasive mechanical ventilation. After initiating ventilation with a volume control mode, the patient's arterial blood gas (ABG) shows PaCO2 is 55 mmHg (high), PaO2 is 70 mmHg (low), pH is 7.25 (acidotic). What should be your next step in managing this patient's ventilation settings?
Increase the tidal volume
Decrease the respiratory rate
Reduce the FiO2
Switch to pressure control mode