Of course the cost of the components affects retail pricing. How can it not? Obviously, wages and transportation are also factors, but you can't seriously argue that the price of the raw materials could double without causing the retail price of the product (any product, not just ammunition) to go up.
In fact, ammunition is produced largely on automated machinery, so labor isn't a huge factor. But look at the raw materials. From around 2000 to 2012, the price of copper jumped from about 75 cents/pound to a high of almost $4.50. That's an increase of 500 percent. As of November of this year, it's back down to around $2.25, which is "only" 200 percent more than the price in 2000.
Likewise, the raw price of lead spiked around 2008 and is now back down to "only" about 200 percent more than it was in 2000.
No manufacturer can simply absorb a 200 percent increase in the cost of the raw materials without passing the increase on to the retail market. And retailers typically work to a straight mark-up, so if their cost for a product goes up 50 percent and their mark-up is 30 percent, the retail price has to go up proportionally.