Thanks @jerrybanfield. That helped me save couple of days reading and researching. I have few more questions-

Even if there is a big increase in number of new members, postings, voting activities, comments than usual; total inflation is kept limited. What I understand is that total voting power (STEEM creation) is limited to number of powered up STEEMs by the holders. Does it mean that if holders do not vote frequently, STEEM inflation may be kept lower?

Upvoted and resteemed :)