It's not inflationary because it is fixed by programming, not market forces. Pricing in future events is an idea of Keynesian economics (manipulation by people) and people still have to get used to the idea of bitcoin. You're talking about "pricing in" which is fiat currency terminology, we all have to get away from that.

Besides, most of the bitcoin is out, and the subsidy affects miners. Personally I think satoshi could have made halving a bit shorter time, but oh well.