What happens in reality is that the sellers are lowering the price, and some buyers decide to buy some more for those lower prices. In the end the natural market forces bring the prices to some sensible level - no matter where the ammo is sold, in stores or on Web sites.
The shortage can be only explained by demand that is higher than production. But I do not understand where would higher demand come from. I haven't bought .22LR in couple of years; it's not a good hunting round, I use .17HMR for that. Limited availability should automatically reduce the demand among those who cannot reach far and wide in search of the ammo. I also do not see people around me who, out of the blue, would get a .22LR firearm and start practicing like mad. The only feasible explanation is that production is reduced, or bought out right off the assembly lines. There are government-level players with deep pockets who can afford such an operation. They can even pay good money for shutting those lines down, and they can order the manufacturers to be silent about that.
Still, it would be weird that .22LR got subjected to such manipulation. It is not a very useful round for anything but training at short distances. If the government wants to disarm the population, it would first try to undermine serious rounds, like .223 and above - and the easiest way to attack those is by restricting availability of primers.
Ever go out and shoot just to have fun? I do all the time. I have purchased several 22 LR guns in the past couple of years. I already had three or four but I bought these just because I wanted them. That is why I shoot a lot of 22, because I have fun doing it and I have fun collecting them. There is no other reason.
I also purchased a large quantity of 22 LR back in 2008 and 2009 when they went on sale at Cabela's and another store. I know the prices are high now but I do not have to worry about 22 LR ammo for many more years.