According to economic analysis the one kind of operation is not necessarily better than the other, and neither by itself can generate higher or lower inflation. It ultimately depends on the characteristics of the economic and financial system and on the impact on the total amount of money in circulation.
The fact that in the past, whether recent or more distant, inflation has been created – notoriously in Germany – via outright financing of public debt does not mean that this type of open market operation is always inflationary, as the experience of many other countries shows, nor that other techniques permit an avoidance of inflation in any case.