Looking at the actual inflation numbers, the globe can be broken into the developed world that is on the cusp of deflation and the emerging market world which is in the grip of rising inflation. On a 10-year rolling basis, the inflation rate is the lowest in 41 years. for the US. Inflation expectations by businesses shows rates below 2% which has been the long-term target. Break-evens between TIPS and nominal bonds have also started to contract which is another sign that inflation is unlikely. Emerging market inflation is over double that number even though it is less than what we have seen pre-crisis.
Monetary policy, whether through driving rates to zero or using QE, has caused limited or no increase in inflationary expectations. Price levels have fallen since the beginning of the year and we are supposed to be in a recovery.