Yes there will be inflation but it won't be unbounded and it won't be even everywhere. Cities will see increases faster because of higher demand, people on BI w

Yes there will be inflation but it won't be unbounded and it won't be even everywhere. Cities will see increases faster because of higher demand, people on BI will have to move away from them. As long as BI is not locally CoL adjusted (Pinning to a National or State CoL value would be ok) supply and demand will adjust to the inflation.