Since The Merge in 2022, the supply of new Ethers has experienced its longest period of inflation, largely due to the Dencun update to the blockchain in March.
According to data from the Ethereum data dashboard ultrasound.money, more than 112,000 ETH have been added to the overall supply since April 14.
This inflation could be largely attributed to the implementation of nine Ethereum improvement proposals (EIPs) via the Dencun update on March 13. Among these EIPs, EIP-4844 appears to have had the biggest impact on inflation.
This proposal introduced a mechanism called "blobs," which allows transaction data to be stored separately for a temporary period, leading to lower fees for block data on Ethereum's layer 2 networks.