That may be true. No insight into what wholesalers are doing.
My local gun store (one of many) has a keen sense of what the market will bear. They’ve got lots of ammunition in stock.
At over $1.00/round for 9mm range ammo. Slightly higher for .45ACP.
Call it scalping if you like, it sure feels that way, but I’m just not willing to pay that.
But a lot of folks, including new shooters, who have no ammo, are, in fact, willing to pay that. I overhear the conversations as I shop (I’ve bought a few slings and other accessories lately, nothing at inflated prices) and that seems to be common: “I don’t like this price, but I don’t have any ammo, so, give me just a couple boxes.”
I don’t think they’re hoarders, because they don’t have any ammo, but they certainly are keeping demand high.
And Economics 101 continues to be validated.