There are decades of data from Japan and over a decade of US and...

There are decades of data from Japan and over a decade of US and European data demonstrating that reserve banks cannot simply create inflation by printing money. Inflation maybe a more psychological, than a financially engineered beast.

Whilst the M1 money stock has increased, the velocity of that money stock has plummeted. Velocity of money is the speed at which money circulates in an economy:



What this basically means is money has been printed, but that money isn't been used or is not circulating through the economy.

To get inflation from printing money, this money needs to be utilised and go through the money multiplier process - this is a demand driven, not a money supply process. When this happens, there would be excess demand, a shortage of supply and therefore inflation.

The bottom line is, it's not as simple as saying money has been printed therefore commodity prices should increase.