After the Holiday Sales I noticed that the price of 9mm range ammo continued to be lower until February.
Black Friday 9mm last 3 years.
2023 .24 CPR no rebates that year.
2024 .20 CPR no rebates that year.
2025 .20 CPR with rebates .17 CPR best price since COVID for me.
2018 best year .17 CPR with rebate .13 CPR.
Luckily "buy cheap, stock deep" and every family member and friend had rebates.....

Sportmans Warehouse was running sale after sale every week, hurting for $$
Today the price has been very steady with slow increase with no drops like before.
Maybe the Manufacturers and Retailers are testing at what price point the sales will drop off.
Every time the warning of increased price rumor hits actual cost has not.
My guess is bulk buy today, do not think they will go down again.
Good place to check trend.
9mm around .21/.22 CPR for CA .24 CPR
https://blackbasin.com/ammo-prices/9mm/
All, shows relative change for last 30days, can single out for last 6 years.
https://blackbasin.com/ammo-prices/