I've just finished my first bulking phase after cutting, and I've added like 10lbs. (over a two months period).

Now I've checked my circumference at key points such as Waist (the narrowest part of your body) and Abdomen (Around your naval) as suggested by www.mybodycomp.com,
and It seems like I've added an 1" to my waist, and a 0.5" to my abdomen.

Is it too much ?

Only you can answer that question. When you waist and abdomen increase, you are adding fat. How much fat you are comfortable with is up to you. Personally, I don't like to have too many sizes of clothes around. When I get to my heaviest, I am a 34" waist and lean down to 32'' (if I get ULTRA lean it's more like a 30/31). Therefore, I choose 34" as my upper limit and then lean back down to 32". It's really up to you and what your preference is. When bulking, I try to gain no more than 1 pound a week and preferable for me is 1 pound every other week. So 10 pounds in 2 months doesn't sound insane provided you were relatively lean to begin with.

Jeremy