According to the law of price elasticity, there may be a change in demand when prices change. 

In other words, prices can only go so high until buyers are unable or unwilling to buy the product.  When that happens, the associated drop in demand may trigger a surplus.  That supply surplus along with demand decrease may cause the sellers to lower prices.

However, the prices of some products are inelastic -- people will buy regardless of price fluctuations, such as gasoline.  Ammo is an expendable product, too, like gasoline.  Is it considered inelastic?  Will it be bought by SOMEONE regardless of price?

We also have to consider the raw materials costs for the ammo makers.  If their cost rises, it'll get passed on to consumers.

Lots of variable to watch.  I see prices dropping this year, but maybe not back to pre-panic level for over a year -- maybe two.