Read Karl Denninger commenting on a Robert Reich confession that printing more money isn't really going to turn things around.
Probably the majority of consumers are unable to spend more money to revitalize small business where most job growth is attained. People who have a little spare cash are hoarding it for fear that they might lose their jobs. Businesses, instead of hiring people they don't need to provides goods or services no one will purchase, are using their capital to finance mergers and acquisitions and to buy back stock to speculatively run up their share prices.
We are not seeing rapid increases in consumer prices because DEMAND has fallen off the cliff. As Denninger points out, gasoline should be perhaps $1.25 based on decreased demand, but it is holding at around double that. Some of that is decreased supply after the BP Deepwater Horizon spill -- possibly. I haven't been following the oil market. But some of it may be the leading edge of inflation.
Food prices certainly aren't dropping, and coffee seems to be getting more expensive. I wish I had a crystal ball that worked.