Yep... for a large quilt you're looking at several hundred dollars worth of fabric. And the more complex the design obviously the more fabric required.
Backing is slightly cheaper, although I use a lot of polar fleece and faux fur throws as backing because the kids love the feel of it.
I've never really paid much attention to the price, just bought what I wanted (gotta love that credit card! lol) but things are getting tight over here too, so I'm starting to pay more attention to what I buy.
Luckily I have a rather lovely big stash so the weeks where money is tight, I can still sew.