Low double digits is not considered moderate levels of inflation, if you're talking annually. In the 1970s in the US there were years of double digit inflation

Low double digits is not considered moderate levels of inflation, if you're talking annually. In the 1970s in the US there were years of double digit inflation and real returns were negative. https://www.multpl.com/s-p-500-historical-prices/table/by-year https://www.multpl.com/s-p-500-historical-prices/table/by-ye...