Wrong. there's no 'real' inflation. AVA is deflationary.

The token supply is capped at 61M and it's reducing until 40M.

counting 9M locked in SMART memberships that means that there's 90K AVA being released each month (remember that 12 of the 24% from the APY is given in Travel credits, so no negative effect on the token).

90K in front of 61M represents a 0,15% monthly 'inflation' which is more than compensated by the fact of locking x100 this amount (you're locking 5K to receive 50 tokens monthly as long as the 5K keeps locked).

If we count burns, givebacks, hodlers and companies (all binance employees are booking through travala for example). The real amount in circulation is much... much less.