If the CPC spike happened out of nowhere, it’s often auction pressure rather than just something inside your account. Check Auction Insights to see if a competitor increased bids or started outranking you. Also review Top vs. Absolute Top rate — you might be paying more to hold higher positions without realizing it. A quick look at device, geo, and time-of-day performance can reveal if one segment suddenly became more competitive.
Beyond bids, look at traffic quality. The search terms report may show broader or higher-intent queries slipping in, which can drive CPC up even with the same keywords. Tightening match types, adding negatives, and improving CTR through more relevant ad copy can often bring CPC back down while keeping your positions stable.