Prices have dropped very little and they seem to be stuck at .22, when they were in the .12 to .13 range previously.
So, the question is why am I paying 60-70% more per click, all else being equal? Has anything changed with the content network since August? Anyone else noticed an increase in cost? Is there now a minimum price per click in content and placements? I see no new advertisers either to explain the increase.
For point of reference, my search clicks are almost exactly the same cost as they were with the old campaigns. So why would content be different. I can't imagine it would be QS when the search clicks are the same price.
For example, I bid $2.50 and get charged $0.35 on Site1 and $2.22 on Site2.
From the above, the price per click really depends on where your ads are showing.
Your first and most important task is to run a placement report and see specifically what was making the most of your average 12 cents per click in the past and compare that to what is making the most of your 22 cents per click today.
From those two reports, you'll get a clear picture of what's happening behind the scene.
Keep in mind that you have to wait a few days before you can run a report for "today".
Sometimes, the system will show data for yesterday, and sometimes it will not.
This is simply because Google is working on almost non-imaginable amount of data, 24/7.
Could I have a different QS on content than search? It seems unlikely but could be.