There would be 2 forks, and most likely, the majority would stay on the orriginal chain
There's two types of Bitcoin users.
Those who want to get rich from it (anti inflation).
And those who want it to be a frictionless way to transact (neutral/pro inflation).
Most Bitcoin users want it to be a store of value, a medium of exchange, and a frictionless transaction system. Inflation runs counter to the store of value function. Inflation/deflation has no bearing on frictionless transactions.