And the other reasons are?
A sophisticated bond market. Bond vigilantes. The deflationary impact of large quantities of bad debt. The Fed’s ability to sop up high powered money by selling its stock of Treasuries. A worldwide glut of excess productive capacity. The unwillingness of banks to issue credit.
The biggest risk of greatly higher prices in the near future is some kind of crisis in the supply of energy, such as a war with Iran that closes the straits of Hormuz. And even that isn’t a true inflation since its cause isn’t monetary, although it will certainly feel the same.