Currently, something like 65,000 Steem are created every day. Specifically, new Steem is created every 3 seconds as a block is added to the blockchain.
The inflation rate helps the price of Steem in that its growth rate is significantly lower than the rate of growth in the demand for Steem, currently because the number of accounts is growing at a much higher rate. If Smart Media tokens are successfully launched and prove to be popular, demand for Steem could increase dramatically.
Edited to add this: I just checked. Currently, every three seconds, 2.26 Steem are being created (65,088 per day).