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Steem supply exactly one year ago: 277,601,568 STEEM
Current Steem supply: 326,376,868 STEEM
Difference: 48,775,300 STEEM
Inflation last 365 days: 17,6%.
Pretty high, but mostly due to the SBD conversions, as you explained. The current inflation is much lower.
RE: Powerup Statistics #21 - Sep 14th - Sep 27th + Addressing STEEM Inflation and why SBD is $0,62.