Printing money is by definition inflation (so, yes).

Yes it will increase inflation, but not enough to overcome the deflation currently under way due to credit destruction. Real inflation is a monetary phenomenon driven by the availability (or lack thereof) of cash and credit. Most lenders have been withdrawing credit at rapid pace.

That's why they fudge a little bit when they report CPI and PPI data.

Inflation is yet another form of taxation. A subtle, criminal one, that undermines your savings while you sleep.