American Rifleman magazine talks to Tim Brandt, a representative of Federal Ammunition about the shortage of rimfire ammunition on video.
According to Brandt, rimfire production is running 24 hours/day. Essentially, demand continues to outstrip supply. The good news is he does state Federal is expanding production capacity, which I think will be the only thing that will catch inventories up.
Last year, Steve Hornady did a good job of explaining the overall situation regarding ammo sales: