I think the reason we haven’t had this inflation is because our money supply is not on our shores. A lot of it is overseas and hence not really part of our economy at the moment. If all that money were to come pouring back (and it could) then we would have the expected inflation. So the question is when will we no longer be considered a safe haven to other countries? As soon as the rest of the worlds economy starts to recover in my opinion. Which, also my opinion, will be slowly and steadily. Assuming no unforeseen calamity we will have steadily rising inflation until all the hourly workers are poor.