The Elo ratings: Inflation or Deflation?

In a recent article Walter Wolf took a close look at the current development of the Elo ratings. IM Dirk Sebastian and IM Martin Voigt, who are both from Hamburg, have also examined the trends in the recent developments of the Elo ratings and try to answer the question whether there currently is an inflation or a deflation of Elo?

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Rating Inflation in Chess: True or False?