[thephyber]

> Printing money is, by definition inflation

You are technically correct, but if the printed money doesn't cause a noticeable change in the price of household commodity goods, it's not what the average person calls "inflation" and it likely won't budge the Consumer Price Index (the official metric for inflation in the USA).

The CPI doesn't include the following items {large health care services, university tuition, stock prices, fine art, collector cars}, all of which have actually inflated quickly for at least 10 years, but were not captured in the CPI.