The cross under 10% is supposed to happen in mid-2015. It may have been brought earlier by the constant increase in hashrate, but at the same time this causes a shorter block time and higher coin emission (around +10% these days), so I think it can be confidently stated that we are still months away from going under 10% annual inflation.
At block 320,351 (right about now) annualized inflation is roughly:
(1 + (25*6*24) ( 210000 * 50 + (320351 - 210000) * 25 ) ) ^ 365 - 1 = 10.4%
EDIT: corrected a 24 to a 25 which I previously thought I had corrected but instead f-ed up.
So yeah, if this is correct, we're not at 10% yet (about 140 more days to go)
And if you substitute the 6 for a 6.3 (and I'm being conservative) to reflect the increased rate of block findings per hour due to constantly increasing hashrate between difficulty adjustments, you get 11.0%. You see what I mean?
