Monetization today doesn't mean we'll have inflation tomorrow.

You already knew that though.

Of course the Consumer Price Index is not always the best measure of inflation,......even though the central planners may tell you that.

Commodity prices over the last 8 years have risen by as much as 400% prior to the 2008 meltdown and remain about 150% above their 2002 levels according the Goldman's CME index.