it is too soon to make any such conclusions. if you look at price change from june to july, there are a lot more coins, and each one is worth a lot more. which makes your statement wrong for that time period. I am not saying that every month will be positive, but nobody is smart enough to be able to know for sure what the userbase growth will be. and without knowning the userbase growthrate, user retention rate, it wont be possible to come up with any decent projection on future price, inflation adjusted or not.
Do you know how many users steemit will have in Sept? Next year? If not, how can you make any credible prediction about future prices?