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Other than raw materials, and the diesel fuel to get the ammo from the factory to the store (which has also gone up quite a bit), what makes up the majority cost of ammunition?
The labor for manufacturing employees, building rent, telephone expense, depreciation, advertising, marketing, accounting, human resources, IT support, the plant manager, transportation costs including the truck fuel and the driver's salary, interest expense, office supplies, repairs and maintenance of facility and equipment, disposal of waste, legal & professional fees... just to name a few.
Don't forget markup (profit) on the manufacturer's end and on the retailer's end.