[LudwigNagasena]

> We have seen a fair amount of printing of money in recent years, but fairly low inflation.

The money weren’t distributed proportionally to the wealth of the people. Another reason, which though applies only in short- and mid-term, there are various nominal rigidities: contracts mostly use nominal values.

> The second question is whether inflation if it does occur is net bad/good and for who.

Well, that’s a whole nother question. You can create inflation using direct deposits to the holders of money.