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No. The inflation rate is unchanged. You can see details in the walkthrough, which shows how the allocated STEEM amount to a post's payout gets broken down to SBD, STEEM, and SP.

But the amount associated to a post is independent of all of this, determined by rshares / SP and votes. I'll get back to you when I find the references for the inflation, but that was not a part of that walkthrough.

(Edit: Found it: https://github.com/steemit/steem/blob/25dd6ad58a94b803eaa1571964d02e0dde85a38e/libraries/chain/database.cpp#L1829)

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