Yes, you're right. If you have a look at the government statistics the Fed prints 10-20% more money each year. This means there is 10-20% more money in the system each year. Why don't consumer prices rise by that much then? Well once you print money you have no control where it goes.

Before 2000 you saw that money go into the stock market. After 2000 you saw that go into the property market. Now you're seeing it go into commodities. High commodity prices are only now starting to trickle into consumer prices. You could argue all these asset classes are relatively expensive. You could also say paper money has declined in value (You just can't print more property or shares).

I read some where the last time money supply was this high was before the 70s and 80s recessions. The Fed now has to choose between an inflationary recession (70s) or a dis-inflationary recession (80s). My guess is that we'll see a repeat of the 70s. The Fed always says they're looking at inflation but their actions speak otherwise. There are too many politicians/bankers barking for a return to easy money. I remember reading that Arthur Burns(70s Fed chairman) complained that he couldn't raise interest rates because that was politically unpalatable.