Is this interval training? Please answer, somebody!?

If while I use my exercise bike, 5 times a week for a half an hour, I rode at like let's say 30 mph for about 2 minutes, and then went to like 55 mph or something for a minute, then 30 again for another 2 and then 55 for another minute, then 30 again for 2 minutes and then 55 for a minute and a half, then 30 for a minute and a half, and then 55 for a minute, 30 for two minutes, etc etc....

Would that be interval training? Will that help me to shed fat off my stomach, butt and thighs?
 
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