When astronomical quantities of USD are being printed into existence (today's QE is like 80 bln dollars per month), CPI is not a good indicator. Rich guys who get all this new money cannot buy 100x more food and toilet paper. What they can do is to buy expensive property all over the world (not very liquid, thus not affecting everyday prices much) and stocks.
Right now CPI does not change as much as USD supply changes, so people don't worry. However, it does not mean this is not delayed and will hit down the road even if they suddenly stop printing new dollars.
Right now CPI does not change as much as USD supply changes, so people don't worry. However, it does not mean this is not delayed and will hit down the road even if they suddenly stop printing new dollars.