I can't move a frame incrementally in InDesign 2023

For some reason, I can't figure out how to move a frame (text is especially problematic, but I'm having trouble with objects as well) incrementally since the update to 2023.

As an example, this is a detail from a current annual report I'm working on. The green-bordered text frame is behind everything else. I want to nudge it up slightly.

When I nudge it by what should be one increment (a few pixels, I would hope), this is what happens:

That's more like a quarter of an inch!

I have searched and searched. I've turned off all the things it could possibly be snapping to, I've checked the "ignore text wrap" and turned off anything that might have text wrap enabled. I have the ruler in inches (which hasn't been a problem as far as I could tell for most of the past decade). So...what is going on? Is this a layer problem?