It is weird. Where is the inflation? One check on it may be the falling labor costs. This has been the case since the late 90s. But inflation will be back. It will roar into life when least expected.
I've got a couple of theories; just theories. One, it's in the stock market, waiting to break loose. Two, it's being absorbed by the global economy, distributed around the world as opposed to being localized to the countries doing it.
Either way, I've a strong feeling that the piper will eventually be paid.