There is some astonishing volatility in ammo prices...driven by big spikes in demand.
Guns & Ammo had an article on the supply side of the equation. Wish I could find it and share it here, but, essentially, there are huge capital costs in the equipment used to make ammo. That constrains production output. Ammo manufacturers are reticent to invest huge sums of money to increase output for a short term demand, because they’ll be stuck with large capital costs when demand returns to normal.
When you couple that constraint with changes on raw material prices, and big spikes in demand, like the one that happened in 2013-2014, you get shortages.
The psychology of shortage is interesting, too. Much of the demand increase comes from the perception that, “I won’t be able to get (insert product here).” So, people act on that fear, and rush out and buy (product). It’s an old, common effect. It’s why there were runs on banks, and shortages of key goods, during crises in the past. It’s all driven by the fear that (product) won’t be available, so the individual feels compelled to get some right now so that they won’t be left out.
Whether or not they need it right now, and whether or not the price is reasonable, they want it right now...