Yes. We are already seeing commodity inflation. If you've been to a supermarket lately, you already know that. So far, we haven't seen the price/wage death spiral variety of inflation, that is only because wages are depressed and productivity has been more or less increasing. At some point, inflation will be an enormous problem. You can't just keep printing money with no long-term consequences.

After my initial response to your question, I came across this article on Zero Hedge. You might find it interesting.

The Fed and Inflation