I have noticed ammo prices dropping a little recently on AmmoSeek and some of the other sites. I also saw that the one of the Remington locations was going to start production again. However, I have seen mention of Winchester and some others that planned to raise prices soon. It may end up offsetting any near-term price drops.
I had purchased enough 9mm previously and can’t stand the thought of paying 5 or 6 times that price now. However, I’ll get there eventually if things don’t improve at some point. I also built my first AR-15 about 5 months ago and had no .223 or 5.56 to shoot. I had never bought any and had to ask people what a normal price was to make sure I wasn’t paying something ridiculous. Ridiculous being more than twice the normal price at this point. Good thing I’ve managed to pick up some boxes at the local Academy on occasion.