Not "again" ...."still."
This has been an ongoing shortage of various degrees. Nothing has changed other than the trend of retail prices -- up, always up.
Ammunition availability in 2026 is expected to fluctuate due to ongoing
supply chain constraints and rising raw material costs, with some calibers
stabilizing faster than others. While there may not be a widespread shortage,
certain types of ammo could remain difficult to find at times.
Manufacturers will try to predict demand, which is how they decide on production capacity. That production capacity comes at a cost. Labor, buildings, machines, raw materials and so on cost capital. When demand spikes, capacity has to expand to meet it, or shortages happen. Rent an additional building, hire new employees and/or pay overtime, out bid other manufacturers for the raw materials, ...
It's an age-old problem. You plan for producing X of your product with the optimal capacity to keep costs balanced against revenue. Ramping up to meet shortage-fueled increases in demand requires a lot of investment, and if the demand is projected to taper off once consumers have what they need, buildings and equipment are sold, people are laid off, and the raw materials may also be less available as demand drops.
Every business has the same set of problems and solutions to ponder. Ammo gets a lot more attention than most because it's related to our ability to exercise Second Amendment protected activities.