Yes, there is typically an inverse relationship, high interest rates equals low inflation, low interest rates = high inflation.
Why? Money, if there is more money in an economy, people tend to spend more, thus (as a whole) driving up the cost of goods and services. If there is less money in an economy, there is less to spend and low demand equals lower prices.
If interest rates are low, money is easier and cheaper to borrow, hence more money in an economy. If rates are high, it is more expensive to borrow, hence less money in an economy.
There is also a conept know as stagflation, when interest rates and inflation both increase, such was the case in the Carter Administration. External market factors or market manipulation may cause stagflation.