To get an idea of what these fluctuations look like, consider the inflation for the past few quarters. The value of PAN increased through each quarter, but between July 3 and October 10, PAN's price increase outpaced the increase in the value of the donations. As a result, the quantity of PAN donated decreased from 355,105 to 158,206 even though the dollar value of those donations increased. The maximum inflation allowed by Panvala's smart contracts decreases each quarter, but since donated PAN are removed from the circulating supply, the net inflation actually increased between those two quarters!