Yes but only if you sit up the experiment right. What I don't now is why.
carbon dioxide
yeast
Fermentation.
carbon dioxide and ethanol
Yeast cells are alive. However, it takes in oxygen in the form of glucose. yeast + glucose -> alcohol + CO2 We know that yeast cells are alive because it produces wastes (alcohol and carbon dioxide) and they reproduce.
Carbon dioxide
If there is a little moisture too, then the yeast cells will multiply and turn the sugar into alcohol and carbon dioxide gas. The carbon dioxide gas will inflate the balloon.
Carbon dioxide
alcohol
Place the yeast in warm, sugary water. Eventually, the yeast cells will begin to divide and increase. Bubbles of carbon dioxide and alcohol is given off.
Yeast produces carbon dioxide.
When glucose is added to yeast in solution, the enzymes inside it turn the mixture into ethanol and carbon dioxide, so, for your question, carbon dioxide. It also respires normally (aerobically) and then too produces carbon dioxide.