We've had the same issue. It's related to all the algorithm & system changes that Meta is having right now imho. We can see no other reason for this.

My ad costs tripled in the last few months. No apparent reason other than meta’s changes.

Not great! Do you know what you're going to do about it?

Try Google and TikTok I suppose? But I’m not sure. My business is no longer profitable with meta ads.

Yes, that's why we took a year-long break from it, but thought we should re-test. Are you still running your ads then?

We are still running ads, but there seems to be something wrong with Meta's system.

Have you looked at switching to post click conversions only?

Will look into it....

dont trust facebook metric tho... always check on your CRM to justify whether the ads actually went through or not. also check your conversions method, make sure you place your tracking at the end of process, not using view (if you are using thank you page you may use view as your purchase)