Really depends on how fancy equipment you want. Most people will probably tell you to go with a progressive press to load faster, but that game gets expensive fast. You could easily spend $1000 before loading a single cartridge.
As well, cost per load depends on what materials you use, how hot your load is, how aggressive your gun is on the brass, and whether or not you have appeased the machine spirit.
I don't want to give myself an aneurism trying to calculate exactly what it costs me, but I'm pretty sure most people can get under 0.25 per cartridge. As a rough example, I think I'm using about 11 cents of powder per cartridge(7000grains/22=318 loads per pound of powder. $33/318=0.1037735849056604 per cartridge. Well, realistically less because I'm going to spill a few granules here and there. However, the price can fluctuate wildly, and can require massive capital to buy in bulk to really get any savings. Brass in particular might only last you one or two shots, and a few people have lost count of how many loads they have because it's up in the dozens.
Chances are, if you can find an ammo can of Federal .223 for under $399 it'll be one of the more decent cost effective strategies, especially if you aren't currently set up for reloading. Save the brass and you should be able to get a few additional loads out of it.
There are a few ways to save some more money, for example some stores offer flat shipping or free shipping. Higginson's Powder in particular offers free shippin for more than 21 pounds, which works out to somewhere in the $500 to $700 range. Costly, but can be worth it in the long run. Sometimes you can get fantastic deals on bullets and brass, if you find someone who offers flat rate shipping and you can finangle a hundred pounds of bullets for $10 shipping or something, you just might haveto wait a year and be ready to lay down hundreds of dollars at a blink for the perfect opportunity.
The moral of the story is don't reload popular cartridges like .223 for savings, load for quality control. Sure it might be within fractions of a penny compared to cheap bulk factory ammo, but it's almost guaranteed to have quality equal to ammo worth quite a bit more.
Also, if you do go the bulk buying route it can really free you from market fluctuations. Some guys only buy ammo components every year or two, and never have to worry about the price increasing on them or the store shelf being empty.