That is true!
Yesterday I was shooting rifle ammo that was $1.60 / round (Hornady ELD-M 6.5 Creedmoor). I have spent a LOT of money on traditional (PB) ammo over the years.

Last year, I fired 3,600 rounds of various calibers, mostly 9-mm. That was a slow year. In 2023, I fired 7,600 rounds of various calibers, again mostly 9mm. In 2022, it was 6,700 rounds. Yeah.... I track it all.
I decided to get into an air rifle because I just wanted to. Thought it would be fun and different. While I researched all the various types of air rifles... and then various PCPs, once I decided on that route... and various ways to charge the air reservoir.... and scopes..... I did NOT really look into the ammo itself. LOL! And I was just a bit surprised that .22 pellets cost almost as much as rimfire 22-LR.
Again... Fortunately (for me), it doesn't matter what the cost of the pellets are. A bit cheaper... the same... a bit more expensive.... doesn't matter.
Right now, I'm just trying to figure out what is up with my $2200 order with Pyramyd Air. My PA account says it hasn't shipped (ordered May 28). But there's a tracking button that goes to the UPS site, which says they have the package and it's on the way. Conflicting status reports.