There's also an inherent deflation effect. Players tend to get better over time. In the simplest case, if we start with a pool of players rated 800 and let them play for a year, at the end they'll be better players but still rated 800 on average.

Most chess Elo systems have an inflationary component where young or new players (who are overall faster improvers than the player pool at large) gain and lose points faster than established players (in detail, either using performance ratings or increased k-factors or both). In a balanced rating system, the sources of inflation and deflation are roughly equal. You can tweak the parameters to keep it this way, though it's not trivial to tell whether there is "real" inflation over the years or whether players are simply playing better - or indeed, what's the difference.