What if I told you that the real monetary inflation for BTC is actually even higher than most people think?
That's because a lot of BTCs from the early days are totally lost (so nobody owns the private keys anymore, it's like they never existed).
2 million BTCs (minimum) are very probably lost:
http://onbitcoin.com/2013/12/07/bitcoin-spoilage-2-million-bitcoin-likely-lost-old-hard-drives/The supply of BTC in circulation is actually smaller than believed, that means that the inflation is actually higher.
A reasonable point. But if you are using BTC in circulation, you almost have to cut out a lot of Bitcoins that are being kept off the market by holders also. Depending on what you are trying to measure I guess. It's just one of many reasons why market cap is actually pretty meaningless as well.
It's also feasible to argue that there is no inflation at all, that since there will only ever be 21 million BTC, it's not inflating, they are just becoming accessible. Again, it is important to define what you are trying to measure.