Consumer price inflation is mostly a monetary phenomenon. The increased money supply is only one side of the equation. We must also subtract the deflationary effects of debt defaults. Banks create new money by issuing loans, and when debtors default the banks are forced to write down the value of those loans. Thus money which formerly existed in the financial system vanishes.

So for the next year or so as defaults accelerate I expect that deflation will be a larger concern than inflation, and central banks will try to counter that by large, frequent injections of new money.