There is no such thing as inflation free money. Whatever you use the money on will see inflated prices. Governments and central banks decided to exclusively use the newly created money supply on assets even when those assets are already overpriced.

Inflation is merely what happens when demand exceeds supply. When people talk about inflation they do not just mean the increase in money supply but they actually talk about consumer inflation which is indexed through a basket of consumer goods. The money entering the economy is not driving up demand for consumer goods and therefore it results in no consumer inflation. There is no surprise.

Basically what we are seeing is supply oriented monetary policies in demand starved economies.

One should look at the reasons for why demand is decreasing and try to solve problems on the demand side.