"What of the inflation formula typically taught in economics class? In a May 2011 Forbes article titled “Money Growth Does Not Cause Inflation!”, Prof. John Harvey demonstrated that its assumptions are invalid. The formula is “MV = Py,” meaning that when the velocity of money (V) and the quantity of goods sold (y) are constant, adding money (M) must drive up prices (P). But as Harvey pointed out, V and y are not constant. As people have more money to spend (M), more money will change hands (V), and more goods and services will get sold (y). Demand and supply will rise together, keeping prices stable." by Ellen Brown - https://www.commondreams.org/views/2017/10/04/how-fund-universal-basic-income-without-increasing-taxes-or-inflation

More reading: https://www.forbes.com/sites/johntharvey/2011/05/14/money-growth-does-not-cause-inflation/#1ea11ab742f5

If UBI actually might slightly increase Deflation (instead of Inflation), what does that mean? Deflation also occurs when improvements in production efficiency lower the overall price of goods. Competition in the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the asking price for their goods. When this happens, consumers pay less for those goods and purchasing power is increased. Deflation allows one to buy more goods and services than before with the same amount of money. Deflation occurred periodically in the U.S. during the 19th century. This deflation was at times caused by technological progress that created significant economic growth. Since deflationary periods disfavor debtors they are often periods of rising populist backlash. Despite all that, and as the studies in this list show, significant inflationary or even deflationary effects of cash-transfers & basic income is not expected.