Savage 340 E Series 222 – chamber to 223?

My father gave me his 340 E series .222. I am frustrated with buying 222 ammo. It seems I really only find it online and very rarely find it locally. Also the cost is riduclus. I can walk into Walmart and get 223 any day of the week for half the cost.

Can the 340 be chambered to 223? What would be the typical cost for this?

Thanks!