All in all, it's still cheaper than many other calibers, but the cost is higher than it used to be.
The .38 is a reloader's dream, however. Very easy to reload, with tons of different bullets and bullet moulds available. I haven't price checked in a while, but my reloads are much cheaper than even Wal-Mart prices, and I get to shoot exactly what I want, because I make it myself!
If you ever wanted to try reloading, the .38/.357 is a great place to start.
All my best,
Dirty Bob