Plotlabel too high issue (V12.3)

I think I started to notice this issue with plots when I updated to version 12.3 a couple weeks ago but didn’t pay too much attention. Now it’s really bugging me because I have a presentation of this data coming up. (Please note I changed the code a bit for privacy but it still shows the behaviour.)

Looking at other PlotLabel posts on SE and the docs, I’m a bit confused as to why the plot label isn’t sitting neatly above the plot as expected. I tried a couple of tweaks with ImagePadding etc. and tried removing all the graphics options except PlotLabel to no avail. I don’t really want to use Labelled either since it should be working more predictably in my opinion.

Any ideas? Is there an explanation for this? Is anyone else seeing this behaviour in 12.3 with PlotLabel?

MakeTimeSeriesGraphic[ds_] := 
 Module[{tally, g, prod, dates},
  prod = ds[1] // Values // First;
  dates = FromDateString[#, DateFormat -> "ISODate"] & /@ (ds[All, "date"] // Normal);
  tally =  Tally[dates];
  g = TimeSeries[tally, {dateStart, dateEnd}, MissingDataMethod -> {"Constant", 0 }];
  DateListPlot[
   g,
   PlotTheme -> "Scientific",
   GridLines -> Automatic,
   PlotLabel -> Style[prod, "Subitem"],
   PlotStyle -> SelectColor,
   PlotRange -> All,
   ImagePadding -> {{Automatic, Automatic}, {Automatic, 1}}
   ]
  ]

Block[{var},
 var = Table[MakeTimeSeriesGraphic[data[i]], {i, Length@data}];
 GraphicsGrid[
  Partition[var, 4],
  ImageSize -> 960,
  Spacings -> Scaled[0.01],
  Frame -> All
  ]
 ]

FrameLabel -> {{None, None}, {None, Style[prod, "Subitem"]}}