The Ethereum network has been experiencing a steady increase in its supply of Ether (ETH) since mid-April, marking the longest period of inflationary growth since the Merge in 2022. This trend is attributed to the Dencun upgrade implemented in March, which introduced several Ethereum Improvement Proposals (EIPs) aimed at improving the network's efficiency.

The Dencun upgrade included the introduction of "blobs," a mechanism that reduces fees for block data on Ethereum layer-2 networks like Arbitrum and Optimism. While this upgrade has led to a decrease in transaction costs, it has also resulted in a significant decrease in the amount of ETH burned on the mainnet, contributing to the current inflationary trend.

According to the Ethereum data dashboard, over 112,000 ETH have been added to the overall supply since April 14, valued at over $1.1 billion at current prices. Despite this recent inflation, the total supply of ETH has decreased since the Merge, with more than 1.5 billion ETH burned since September 2022.

The reduction in transaction costs on layer-2 networks has led to a significant decrease in the amount of ETH burned on the mainnet, contributing to the inflationary trend. However, the overall supply dynamics show a net supply reduction of 345,000 ETH since the Merge, valued at over $1.1 billion at current prices.

In conclusion, the Ethereum network's supply has been increasing steadily since mid-April, marking the longest period of inflationary growth since the Merge in 2022. While the Dencun upgrade has improved the network's efficiency, it has also contributed to the current inflationary trend. Despite this, the overall supply dynamics show a net supply reduction since the Merge, indicating a decrease in the total amount of ETH in circulation.