Today, the growing inflation rate at home and abroad is tremendously influencing the world economy and the human's daily lives. A distribution network design problem under inflation was studied, involving a single supplier, a number of potential distribution centers and retailers. Different from the traditional inventorylocation models, the time value of the related costs of the whole distribution network was considered. The goal of  the model is to minimize the present value of total cost that includes location, transportation and inventory cost. This model as a nonlinear integer programming problem was formulated, which is an extension of uncapacitated facility location problem, so it is a NP-hard problem. Three genetic algorithms based on different coding forms are proposed. The effectiveness of these algorithms through different sizes of instances was analyzed. The results show that, for minimizing the present value of the total cost under the growing inflation rate, the optimal policy would need to increase the number of the built distribution centers.