This doesn't mitigate steem inflation. We can see this with how much our steemit power yields. 4 months ago, when I joined, about 75-125 steem power gave a .01 upvote with 100%. Now, according to steemworld, around 200 steem power is a .01 upvote. we've had our voting power decimated by the inflation rate.
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Actually, it was decimated by the price of STEEM. You are getting paid in the US dollar equivalent price in STEEM. That is why there is a dollar sign next to the reward value. The entire cryptocurrency market is down and not just STEEM, so hang in there. Hopefully it will bounce back soon. The inflation is actually a good thing and makes STEEM function as a currency and not like a storage of value like gold or silver. Eventually usable currencies will win out and cryptocurrenies with extremely limited supply will loose.