Thanks for your bug report. There have been a number of menu-related changes in recent versions but I don't think there were any changes related to this particular issue.
Which context menu are you having an issue with? Is it the right-click popup menu that appears in the status window? Channel Window? Query window? All of them? The popup menus for these windows are stored in the popups.ini file. If you open the Script Editor, select the Popups section, and use the View menu to switch between the different menu types, do you see them defined in the editbox? Or is the editbox empty?
When did the issue first appear? Did it appear immediately after you installed a new version of mIRC?