The Fed creates money by purchasing bonds from private investors. If investors immediately used the proceeds to purchase things like food, housing, consumer goods, etc... then that would certainly cause prices to rise sharply. There would be shortages, because the economy wouldn't have enough capacity to create an extra $80 billion a month in household goods (not immediately anyway).
But that's not what they do with the money. I assume they just dump it into other investment vehicles: stocks, bonds, maybe real estate. *cough* maybe some Chinese stocks... Prices rise, but not everywhere.
Consumers don't experience inflation until enough investors decide to cash out and buy real stuff with their money. That's when the economy suddenly decides, "Oh crap, there's not enough luxury condos to satisfy the 70 million baby boomers who just retired with $1 million portfolios!"