Just so, but that (massively increased global demand allied to severe constraints on increasing propellant supply in the West) is only one half of the story. Basic economic theory says that prices rise when demand exceeds supply - that's not 'price-gouging', rather a simple fact of life.
There is another aspect though - MAJOR price rises to producer input costs in Europe. Because you don't make powders in the US anymore (bar General Dynamics St. Marks, Florida which makes only ball types), you import everything else, much made in Europe. Most Americans are probably unaware (thanks to low domestic energy prices largely due to the 'fracking' bonanza), that the rest of the West has seen massive hikes in energy costs since Comrade Putin invaded Ukraine two years ago and Russian gas and oil supplies have been largely cut off. This has been hard (to put it mildly) on domestic electricity, gas and petrol/diesel consumers with many people struggling to heat their houses in winter etc, but has had (and continues to have) a devastating effect on Europe's energy-intensive industries, primarily steelmaking and chemicals manufacture. Recent reports have warned of massive potential closures with Europe's chemical industry sector now unprofitable across the board because its business model was built entirely on cheap Russian gas supplies. Unsurprisingly, any chemicals made in Europe are seeing very heavy price increases.
Now ......... just what sort of product are nitrocellulose propellants?