IMHO, Inflation = an increase in the amount of physical money and credit chasing the same amount of goods and services. The Fed can print all of the cash they want, doesn't matter when credit (consumer, business etc.) is being destroyed at 2xs the rate. Also, there is very little of the "chasing" going on right now, no velocity of money.
Deflation is the order of the day and will be for quite some time. I don't think we will see an inflationary problem for a long time.