Second, since the high inflationary phase of the mid-1990s, the inflation rate has moderated. It has remarkable stability coinciding with great moderation globally except for the recent two brief episodes of double digit inflation each persisting about 5 months in June–October 2008 and then during March–June 2010.
2  BIS Review 127/2010  Going by the current experience of 5–6 months of double digit inflation as high, one can trace 9 such episodes in the last 56 years. Out of these 9 episodes, double digit inflation lasting beyond a year occurred on 5 occasions. The most prolonged one lasted for 30 months during October 1972 to March 1975.