No, direct deposit is just the method of moving around currency from the government to people. Inflation is based upon the economic theory of supply and demand. The price of a good is determined by the intersection of supply and demand. If both supply and demand go up equally the price stays the same. If supply goes up without demand changing the price goes down. If demand goes down without supply changing the price goes up.

Supply in this case is how much money is in circulation. When money is moved around from a group of people to another, then the amount of money is still the same. Demand in this case is how much it costs to borrow money. Demand is otherwise known as the interest rate when applied to money.

If both the amount of money in circulation and the interest rate stay steady, than no change will occur in the value of money. This is the case of a UBI funded by cutting spending or increasing taxes.

However if only supply increases and demand stays the same, then the value of money will decrease. Likewise if only demand increases and supply stays the same, then the value of money will decrease.

Inflation is the devaluing of currency caused by either of the above listed changes to the supply-demand equation.

Think about the amount of printed currency like housing supply in LA. The price for housing is ever increasing because the demand for housing is increasing while the supply is barely inching upwards. That is an example of the value of houses in LA inflating. The same concept applies to government backed money. The only difference is the government decides the supply and demand of the currency market.