You have text wrap applied to the image. Either remove it, or go to the text frame options and check the Ignore Text Wrap box.
It's easy to set text wrap as a defualt in error. If no frame is selected and you set a wrap option, that becomes the default for all new frames in your doc. Do it with no file open and it becomes the default for all frames in all new docs.
Thank you Peter most helpful - I remember doing a text wrap on another part of the magazine and forgetting it was still selected. Thanks again.
Just to clarify to you or anyone looking in, doing a text wrap in and of itself didn't turn it on for the new image frame you made. What you probably did by mistake was to set text wrap to be on while no object was selected. If you had an object selected, that object would have been set to text wrap, but future objects (like your new image frame) would not.
Many of the settings you make in InDesign become the default settings if nothing is selected to apply those settings to at the time you make the change (but not to existing objects, like one of the image frames that were already in the document). And, if you make a change while no document is open, the setting will become the default for new documents, but not existing ones (like the document you have now).