The Great Recession was followed by money printing left investors surprised as it did not cause inflation. The consumer prices did not skyrocket as evident from the Consumer Price Index. The CPI is calculated from basket of goods and consumer services. It tracks the weighted average of these prices and the Bureau of Labour Statistics produces a monthly report.
Some people argue that this methodology does not reflect reality. Does this mean there is no inflation? However, the situation is remarkably different for asset prices. Also, the share market saw the rise in prices. As complicated the monetary policy seems, it is about following the money.
If newly created currencies are held as reserves and used for lending money aggressively, then you do not expect any inflation. Also, if the newly created currencies chases asset prices, then there will not be consumer price inflation.