Inflation, in the context of economic systems, is the result of devaluation of the monetary currency. Governments, through central banks, flood the markets with newly (worthless) printed money, thus lowering the value of the currency in circulation.
If you want to devalue something, put a lot of it on offer. In a nutshell, that is what has been done to artists.
The industrialisation of art education, through the mass creation of art schools and academies in the last hundred years or so, has flooded the art world with artists, most of whom would have never venture into that field in the first place.
The artificial over production of artists, or better put, people who practice art making, has radically devalued a thing which in its organic form, is a manifestation of scarcity.
The reasons behind it, are pretty much the same as in the economic field. A thing of value, as the place an individual artist has within society, represents a threat to the system and its ability to control the masses. The best way to strip artists from their inherent power and influence, as well as making sure most active artists are the manageable kind, is simply to produce many of them. Thus rendering most art being made mediocre at best and with it, drastically reducing the leverage art and artists have within the society. Art and artists originally drew their value from their inherent and organic scarcity. The artificial Over production of both, reduced their value Immensely.
The power then, shifted back to the system, through its carefully chosen gatekeepers, turning artists from a rare manifestation of high spirituality, into services providers for a system who gets to maintain its grip and centralized control.
The inflationary reality of the modern Art world, has turned over time to an inflammatory one.