Oh, I wasn't joking earlier; the biggest change is an increase in volatility. That is, K is a multiplicative factor in the formula that determines how much your rating goes up or down after an event.
The reason this is inflationary is that for "very good" results, there's an additional bonus to the rating gain. Increasing K makes it easier to reach that threshold and get those bonus points.
So bigger changes to your rating from all of your tournaments, and when you have a good result, a larger than expected increase. (This
calculator breaks out the bonus points in the approximation formula, but it's based on the old K -- not sure if they plan to update it.)