Is there consensus on why inflation is not rising?
If your question is about Europe, yes there is. Inflation took time to rise because commercial banks have used injected liquidities to consolidate their balance sheet instead of stimulating demands by creating credits (that did not previously exist when they make loans). This is called the money multiplier. The multiplier was somehow blocked (to ~$1$) because of their precaution behavior.

On March 10, 2016, the ECB has even considered the possibility of giving 200€ per month and per person to stimulate inflation. And this with the main idea of circumventing the commercial-bank system. This unconventional monetary policy is called monetary helicopter.