Even if inflation eases, prices will remain high. In other words, we won't return to pre-COVID prices.
Oops, was generalizing in large "monetary" sorts of expressions.
Prices will not reduce in quantity barring severe deflation or some similar currency issue. If we see inflation "ease" one of the "sings" ought be significant gains employee compensation. If pay increases to match the last inflation, then there's an "evening" to prices.
It's a cruel thing in some ways. Seeing rifle ammo for US$40 a box stings, especially if you remember $5 or $10 box pricing. But, if your income increases by 10 or 20%, and your discretionary funds apace with that, the "new normal" is less irritating.
There will be strong forces to make retail prices decrease on the box, especially if the cost of diesel drops as expected. Now, it might only be $2 or $3, perhaps as much as $5, but those forces will be there to mark the products down to make the sales.
Think back to 2004, very few people ever thought the $1200-1500 ARs would come down to the current $300-400 prices. That's unlikely for ammo, true enough. The amount of inventory already in the chain buffers home much change we can see at the retail level.
That's why all this is worse than forecasting the weather, too many variables with too many interactions, it beggars imagining, let alone modeling.