The notice. Google posted this notice about 30 minutes ago:

We’re aware of a problem with Google Ads affecting a significant subset of users. We will provide an update by May 25, 2022, 1:00 AM UTC detailing when we expect to resolve the problem. Please note that this resolution time is an estimate and may change. We’re aware that a subset of non-US campaigns are affected by a technical issue causing cost-per-click (CPC) to be incorrectly inflated. We are working to resolve this issue.

Seeing inflated costs. If you are seeing inflated CPCs and costs on your non-US campaigns, do not worry, Google is aware and working on a fix.

It is not clear if this is a reporting issue or an issue impacting your budgets. Either way, you should ask for refunds after we learn more about the underlining issues.

Fix coming. Google has not posted an estimated time for when this will be resolved but Google will provide and update within the next 12 hours or so.

Why we care. If you are running campaigns outside of the US and you notice CPC inflation, you are not alone. Google is aware and will fix the issue – so no need to panic. Stay tuned as we provide more updates as they come in.

Postscript. At 2:57pm ET on May 25th, Google fixed the issue and wrote:

The problem with Google Ads has been resolved. We apologize for the inconvenience and thank you for your patience and continued support. The earlier issue causing inflated cost-per-click (CPC) has been mitigated. No action is required but you may see ongoing impact to reporting while we work to repair data before month end.