The hardcoded inflation only pertains to what's allocated to the DHF, witness rewards, post/curation rewards and HP inflation.
HBD converted back to HIVE is the primary driver for this inflation, which could be from peoples taking out savings to take advantage of the low HIVE price and/or the continued pressure from DHF proposal payouts.
As for corrections, generally we could see HIVE become deflationary (negative inflation) if the price were to go up, this would be driven by people converting HIVE back into HBD as it's more favourable to do so when HIVE is worth more.
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