The debt cycle causes short term upward and downward inflation spirals, but overall the inflation is caused by total money supply multiplied by the ratio that the debt is allowed to be compounded to. the ratio is determined by both current regulations regarding loaning practices and the interest rate.

Given that these were constant then then inflation is just a ratio of Productivity(how much things cost) to total money supply (money printing).

So if the government just prints a similar amount of cash relative to the supply as the percentage productivity increase then we get a constant value of for the dollar.

In practice though a small amount of inflation is good in a currency as it encourages spending, if you have deflation this can cause people to speculate on holding cash and not engage in commerce which lowers productivity and thus can cause even more inflation itself.

The real problem is that wages are not growing at the same rate as inflation meaning wealth is being transferred from the working class to the owing class as their businesses get more efficient from the cheapened relative labor costs.