Governments and central banks has this misplaced notion that they can control inflation and the economy. In reality they cannot control anything and in most cases when they try to control inflation and the economy they make a huge mess of things.
QE and monetary printing do not create inflation. They just add to the money supply and encourage people to hoard assets including cash. People will hoard cash because they fear for their economic prospects. They’ll even hoard DIGIFIAT if cash is not available or the government is making the holding of cash difficult. This hoard pretty much eliminates inflation because the velocity of money goes to near zero.
The inflation hoped for by the Fed and ECB won’t happen until people lose faith in their cash.
They then spend it fiercely and with vigor to buy assets that might not be available or are increasingly scarce. The scarcity will be self fulfilling, like the peripherals such as Brazil, Argentina and Venezuela.
Much would have to change for us to see hyperinflation or even serious inflation in the core commodities.
There are spots of inflation like health care and rent and those impact the fortunes of the people but are not driving inflation.
That monster has yet to arrive but deflation has taken hold and will remain for some time given interest rates and prices forced down as a result of the very weak recessionary economy in the US.