No; it's approximately 3%. We had 4 years with 4x the reward, 4 years with 2x the reward, and about 3 years with the current reward, which makes for 1/(4x4+4x2

No; it's approximately 3%. We had 4 years with 4x the reward, 4 years with 2x the reward, and about 3 years with the current reward, which makes for 1/(4x4+4x2+3) = 1/27 inflation.