Given that bitcoin gets unrecoverably lost, and that more than 90% of it has already been mined, is it not inherently deflationary?

20% of all bitcoin made through 2019 had supposedly already been lost: https://www.investopedia.com/news/20-all-btc-lost-unrecovera...

Maybe the loss rate has decreased, but it seems like the amount of circulating bitcoin can only go down over time.