Capitalism, I don’t think so. It’s more of an artificial influence because the ammo is not being used but is being stockpiled.
I know of people burying pallet loads.
I recently upgraded the arsenal from 7.62x39 AK’s to 7.62 NATO FAL’s.
Had 3 cases of Yugo MilSurp ammo to sell, so I listed it in the local rag at a high price, just to test the waters. Gone in 24 hours, no dickering required. Probably should have held onto it for a few months/years. Doh!
A depletion in the supply side is a depletion in the supply side....If the manufacturers were deliberately holding back, then your artificial influence argument makes sense, but it appears that Capitalism is indeed working. Sometimes it sucks but it is the preferred model.