I have no idea where the inflation is heading, that's why I hold both gold and silver builion (10% of my net). Now most of the scary stuff in some way points at hyperinflation and those views predominate in the media, but there are other opinions on the subject as well:

"The case being made for “inflation is here and now” by various alarmist financial “advisories” was dealt yet another blow yesterday with the revelation that US import prices experienced their largest decline in almost two years last month. Aggregate import prices fell 1% (fuel and food made up the bulk of the decline). The perception that inflation is not only under control but possibly ebbing also gave some encouragement to the bulls who figure that the Fed might have room to ‘maneuver’ in terms of some form of QE seeing as there is no threat from the inflation bogey."