My 2 cents on low inflation:

- Inflation gets 'exported' along with production to countries with lower manufacturing costs (because globalization). So no inflation but no working class either, resulting in income inequality - a problem of its own.

- Depending on jurisdiction, inflation should include or adjust the weight of house prices (Eurozone), education costs, medical costs. These are goods that cannot be outsourced, hence they reflect higher inflation.

- Shrinkflation - https://www.economicshelp.org/blog/24369/inflation/shrinkfla...

Printing money in itself doesn't - it is how the supply meets the demand. Devaluation requires a relative increase vs the economy. Distribution of money also affects how much inflation would take place.

Driving inflation up from low is a nominal goal of QE but the magnitude varies.