Is UBI likely to diminish the purchasing power of the many?

"UBI inserted into our current economic software is likely to raise prices on many everyday goods. According to the late, noted US economist Hyman Minsky, one of these may be a rise in the cost of living. Even though there is UBI in your pocket, it is in everybody’s pocket. Just as prices would be likely to rise with the introduction of a new basic wage, so they would with the introduction of UBI."

That's the question that keeps bothering me. UBI would be great for me, personally, but wouldn't it cause price inflation in basic goods to produce yet another level of maximal acceptable misery?