It's more complicated than that. Inflation is a combination of supply and demand. Too few goods for an extended period of time? Inflation. Excess money allowing people to bid up for the goods they want? Inflation.
A sudden reduction of debt might contribute to people spending more for the same goods they already buy, or it might lead to more savings and investment as people are able to escape living paycheck to paycheck and start entering stock markets. It might mean they are able to buy goods and services they couldn't before, but those goods might have ample supply.
It's just not as simple as, X therefore inflation.
