According to ultrasound.money, Ethereum's current 30d inflation rate is 4.1% annualized. If the merge were already behind us (flip the "simulate merge" switch), inflation would be 0.1%.
So, not quite deflationary but pretty close. If Ethereum network usage picks up again like it did in 2021, Ethereum will experience long stretches of time where it is deflationary.
Only 14M of the total 120M ETH are staked right now, making the real issuance only 0.5%/year when taken as a percentage of total ETH supply.
Subtract the 0.5% burn rate from that 0.5% real issuance rate (with rounding errors), and that's how you get Ethereum's current situation of being "pretty close" to deflationary.
So, not quite deflationary but pretty close. If Ethereum network usage picks up again like it did in 2021, Ethereum will experience long stretches of time where it is deflationary.
https://ultrasound.money/