[danenania]

"Wasn't cheap money from the Fed supposed to do this a couple of years ago?"

It has done it. Food prices are at all time highs and causing global social instability. Gold is at an all time high. Energy and commodity prices are very high.

You are mistaking an inflationary depression for equilibrium.

[nl]

Food prices were increased prior to the financial crisis, dropped during it and during 2011 have returned to roughly 2008 levels: http://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_pr...

There is a range of causes blamed:

Initial causes of the late 2006 price spikes included droughts in grain-producing nations and rising oil prices.[4] Oil price increases also caused general escalations in the costs of fertilizers, food transportation, and industrial agriculture. Root causes may be the increasing use of biofuels in developed countries (see also food vs fuel),[5] and an increasing demand for a more varied diet across the expanding middle-class populations of Asia

Oil is down in price since 2008, not up.

Increases in the Gold price isn't a measure of inflation, it's a measure of the lack of confidence in other investments.