Is MKR deflationary?

Could you please elaborate on whether MKR is considered deflationary? I'm interested in understanding the mechanisms that contribute to its potential deflationary nature, if any. Could you also discuss the implications of a deflationary token within the cryptocurrency and finance sphere? Additionally, how does MKR's deflationary nature, if applicable, affect its value and utility within the MakerDAO ecosystem? I'm keen to gain a deeper understanding of this aspect of MKR.