As we can see from the chart, the HBD interest inflation in 2022 is 0,54%, while in 2023, from the first half, annualized is 0,65%.
The overall inflation in 2022 is at the same level as the projected 7%, while in 2023 it is slightly bellow the projected 6.5%, around 5%. So we can say that the added inflation from the interest has been offset by the conversions.
Note these are theoretical numbers, that assume all HBD interest is converted at a certain HIVE price.