On one hand you tell us "Don't fight the Fed", on the other you tell us "The Fed is failing it's most ambitious program it has ever embarked on". Which is it? Or both, so that we'd listen to you and go broke.
The inflation starts at the source of the newly minted currency, which is treasury bonds. The yield of government bonds is near multi-decade lows.
Bond traders also trade the stock market. The stock market is now a lot higher than it was a year ago. The yield of stocks have plummeted in the mean time, despite 'record corporate earnings'.
Bond and Stock market traders also trade the commodities market.
The trend of the price of oil over the past year is around 10% per year.