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Prices will also drop because some hoarders like me more or less have what we need, and then some - so we drop out of the market until such time as prices return to "normal" and even then only buy when there are good deals/sales - which is pretty much what I did even before the panic (I got some good deals on 5.7x28 back in 2015, and some good deals on bulk PD tradein SD pistol ammo - like 30-40¢ per round for HST/SXT .40 ammo).Visit the sites talking about investments and they are saying inflation is here already and is going to get worse. Cost of living is going up so that affects the cost of ammo. Ammo isn't a must have so the demand will drop as food and fuel prices rise.
I wish I could show you the chart on prices just in the last six months, let me try to get numbers and I will edit them in.
Once demand drops below supply, prices will decrease until it equalizes - retailers cannot afford to have inventory just sit there on the shelf for any real length of time, and distributors/manufacturers can't either (have it sit in warehouses).