According to Ultrasound money, the inflation rate has dropped to -0.032/year, indicating that the network is currently burning more ETH -0.69%-news/">ETH than it mints.
Negative inflation has reduced the net supply of ether by 5,598 since ethereum switched to proof-of-stake consensus on September 15. In the 7 day time frame, Ethereum has burned 1044k tokens while issuing 603000 tokens, the annual rate is 773000 tokens, which indicates that the supply of ETH is decreasing by 0.36% per year.
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The recent changes can be attributed to a sudden uptick in deals due to escalating mergers and market uncertainty. Additionally, the recent surge in Ethereum network activity during the FTX rout increased the burn of ETH.
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