And it is getting cheaper.
The steel case stuff is still too expensive but getting better and more available. Brass case is back in stock, at inflated prices but available. I saw Winchester .223 for $.65/round from a big online retailer and that was unheard of a few months ago. PMC green tip 5.56 for $.54/round. Steel case .223 under $.40/round.
I know it is tempting to start buying ammo like crazy but please, for the love of Eugene Stoner.....
There is plenty of room to keep dropping. I think. It is making my buying trigger finger itchy but I am trying to wait to let it keep dropping. Stuff is still selling out quickly but hold off, just for a little bit, unless you are in dire need of ammo right now. Some of my wholesale distributors also have ammo in, so it should be coming to your LGS soon.
Honestly, there is a lot of room to keep dropping but that could change overnight so watch the signs and portents for any hint things are going to turn the other way. I am targeting brass case 5.56 at $.40/round including shipping as my trigger to start buying. At that price blowing through a 30 round mag only costs $12 and I can live with that.
Take a deep breath and HOOOOLLLLLDDDD!