There is a serious baby formula shortage in the US at this point. According to Datassembly, the out-of-stock rate is at 31%.
The reasons for this are multiple. First, there are well known supply chain issues related to the COVID-19 pandemic. Second, there has been a recent FDA shutdown (February 2022) of an Abbott plant in Sturgis, Michigan due to safety issues related to a bacteria (Cronobacter sakazakii) present in formula (Reference).
This scarcity, compounded with worsening inflation has determined the need to ration baby formula. Wherever available the prices will be very high