Richard W. Rahn explains here why we have not yet begun to see the inflation that some economists (including this one) are predicting will afflict the U.S. economy over the next decade.
It's really hard to see how we can escape a run up of inflation, given the fiscal and monetary policies already underway from the Obama administration and the Fed. It's easy to understand why the higher inflation hasn't started with a vengeance just yet. Read Rahn's explanation here.
It is possible that sufficient economic growth could stunt the onset of higher inflation. But economic growth requires voluntary exchange, entrepreneurship, and confidence in the future, not government regulation, redirection of capital by bureaucrats, and monumental uncertainty about what the future holds.
Sadly enough, the Obama administration is going in the all the wrong directions.