Bitcoin is deflationary relative to USD, so it benefits from inflation without additional issuance. Assuming the demand and(immeasurable) real value of Bitcoin holds constant, we should expect its price to increase at pace with inflation.
Bitcoin is inflationary, as there is new money created every 10 minutes or so. Wether it increases or decreases in value relative to the USD is subject to speculation regarding the expectations of the "demand" of bitcoins, which are certainly not stable. USD on the other hand is much more stable regarding inflation or deflation.