There are a lot of different ways to think about inflation. It's generally thought of as a decrease in purchasing power caused by an increase in currency which exceeds the demand for it. Almost all cryptocurrencies have some built-in inflation with the creation of new currency to reward various actors of the network. Usually that's just the miners in a blockchain secured by Proof of Work (POW) like Bitcoin. Here, we have Delegated Proof of Stake (DPOS) which is much more efficient and so fewer rewards are given to the block producers (witnesses) as new currency and instead rewards are given to curators and content creators. You can see the breakdown here: https://steemdb.com/

So the question with any cryptocurrency is this: Is the coin creating too much currency based on the demand for the currency? If so, the price will go down as new currency hits the market. STEEM used to have hyperinflation as holders of Steem Power (VESTS under the hood) were rewarded with new currency at a really high rate. Right now that rate is a more reasonable 7.2%. So as far as inflation with STEEM, it depends on how many people want to buy influence. If everyone's earning and selling and no one is buying, the price will go down. Doesn't matter if there are only a thousand tokens or many billions, the same rules apply. Unlike a Central Bankster Federal Reserve system where the amount of currency in supply is constantly controlled and manipulated, cryptocurrencies are regulated by market forces of supply and demand. Value is determined in the moment of transaction.

I try to keep an eye on some of this stuff with a weekly exchange transfer report. It's not perfect, but it does give an idea of how many people are sending money to or from an exchange (though sending to an exchange doesn't automatically mean someone intends to sell).

I hope that helps.