Oh, we will pay the price, we are right now. Commodities aren't spiking because of scarcity, but weakness of the dollar. Interest rates are being kept artificially low and inflation is being mis-calculated. It is very soon we ALL start paying the piper.
I agree that inflation is being understated but I also think that the reason we are not experiencing hyperinflation is because the banks are thankfully sitting on huge portion of the cash that has been pumped to them by the Fed. If they were actually loaning that money out, I shudder to think what would be happening to the dollar.