There are many types of 223 ammo, with various market rates.
For 55 grain FMJ that's a ludicrous price.
For a quality plastic-tipped varmint round or a lead-tipped general round, it's a little high for the current market conditions. Depending how much one is willing to search, the going rate on the low end is $1 to $1.25 on ammoseek. Some products are around $1.50.
For match-grade ammo, that's towards the low end on ammoseek. Many distributors are listing match rounds in the $1.50 to $2.00 ballpark.
Yeah, prices are high, and probably will be for some time. I'm not saying it's right, but it's the current state of affairs. And has been for about a year. Ammo listed at reasonable prices sells out in short order. The stuff with stratospheric prices hangs out for awhile.
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