I've seen observations about prices both ways the last day or so, and I think they're all premature. First, the change just happened, so it's difficult to impossible to say what actual behavior has been changed and to what degree in just a few days. Secondly, a lot more people are spending a lot more time at home currently and from what I understand game population is consistently higher now than a month or so ago, so prices are going to behave more like weekends when they can be all over the place.
I think watching specific sets would give better data than just broad categories like PvP recipes. Six weeks ago I was selling Panaceas, all of them, for 15-18 million each, though that price eventually went back down to what I consider normal(10-14). The Winter IOs going up I considered inevitable. During the holiday sale people bought them for dirt cheap by the 1000s, I didn't think the semi-lower prices I've observed the last few months was sustainable. Eventually people would sell off what they bought. Though I could be wrong there and maybe that surplus was gone by February, I'm working through possibilities.
Now I'm not saying they shouldn't make more changes, just that it's too early to really determine that.