Perhaps but the rate at which it goes down will slow down as more and more people join and the SP gets diluted.
Not all content will be rewarded later, as the website will always have many similar topics already posted, so only the good writers will earn, thus the inflation rate will shrink.
The inflation rate is a constant. The price will go up only if the total value (market-cap) out paces this inflation, which shouldn't be difficult in the early years.
Well it still depends on the whales if they sell or not. The inflation only manifests itself if people are bidding down the price of STEEM.
If more people hold than sell, then inflation can be tamed. If Steem Dollar continues to give out interest, that will incentivize people to HODL. Also accumulating Steem Power can also be a long term investment.
So in my opinion, it depends on the mood of people, and how much confidence they have in STEEM, it's always about confidence.
If we grow in userbase, more money will be held than sold.