If the original argument proposes wealth distribution it would cause inflation and deflation at the same time. Inflation of lower end goods and services because the poor will have more money, and deflation in the higher end goods and services because the wealthy will have less. i.e., things get more expensive for the poor, and cheaper for the rich. ;)

If we are talking about printing money, it would be similar. The lower end goods and services would get more expensive and the higher end goods and services would stay about the same.