> For the complete documentation index, see [llms.txt](https://www.bluegamma.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.bluegamma.io/documentation/market-data-guides/inflation.md).
# Inflation
Realised and forecast inflation by country or zone, with zero-coupon inflation swap rates for the Euro Area and the UK, and UK linker breakevens.
The **Inflation** page shows realised and forecast inflation for a country or zone and, for the Euro Area and the United Kingdom, the inflation swap market as well. Open it from the sidebar under **Market Data → Inflation**.
***
### 1. Choose a Zone
Use the **Inflation zone** picker next to the page title. You can search by country or currency. Your first visit opens on the Euro Area; after that the page opens on the last zone you viewed.
| Zone | What the page shows |
| ------------------ | ----------------------------------------------------------------------------------------- |
| Every zone | Key figures, realised and forecast inflation, related markets |
| **Euro Area** | Plus zero-coupon (ZC) swap rates, their history and implied forwards |
| **United Kingdom** | Plus ZC swaps, an **RPI** / **CPI** switch and, on RPI, gilt breakevens and linker yields |
For the UK, the **RPI** / **CPI** switch applies to the whole page. RPI is the traded measure: the swap curve, gilt breakevens and the OBR forecast are all quoted against it.
***
### 2. Read the Key Figures
| Figure | What it shows |
| -------------------- | ------------------------------------------------------------------------------------------- |
| **Latest print** | The latest annual inflation rate, with its period and measure |
| **Forecast** | Up to five years of forecast annual inflation, with the release it comes from |
| **Realised average** | Average realised inflation over 5Y, 10Y and 25Y. A bracketed number means fewer years exist |
Forecasts come from the IMF, except UK RPI, which uses the OBR forecast.
***
### 3. Chart History and Forecast
The **\[zone] \[measure] inflation** card, for example **United Kingdom RPI inflation**, shows the annual series as a chart beside a **Year** / **Rate** table. Forecast years are marked **f**, and a badge names the source.
* Choose **10Y** (the default), **20Y** or **Max** of history.
* **Historical** downloads the realised series and **Forecast** downloads the forecast.
For the Euro Area, these figures are headline HICP, while the swap cards below are on HICP excluding tobacco (HICPxT).
***
### 4. Zero-Coupon Swap Rates (Euro Area and UK)
**ZC Swap Rates** lists each **Tenor** from 1Y to 30Y with its **Rate** and the move **vs 1W**, **vs 1M** and **vs 1Y**, in basis points. **Graph** switches to the curve.
UK CPI swaps trade far less than RPI, so UK CPI rates are traded RPI less BlueGamma's modelled RPI-CPI wedge. On the CPI view the table adds **RPI** and **Wedge** columns before the **CPI rate**, with a **How the wedge is calculated** link.
**Historical ZC swap rate** charts one tenor (1Y to 50Y, default 5Y) over **1M**, **3M**, **1Y**, **5Y** or **Max**, with the **High**, **Low** and **Change** over the period. **Download** exports the tenor's full history, not just the window shown.
**Market-implied \[measure] forwards** shows the inflation priced into the swap curve for each year, as a graph or a table (**Year**, **Forward rate**, **ZC rate**), with **Download**.
***
### 5. UK Breakevens and Linkers (UK RPI only)
* **Swaps vs bond breakevens**: **Tenor**, **ZC swap rate (%)**, **Bond breakeven (%)** and **Difference (%)**. Use the date picker for a past date.
* **Historical linker yield**: one tenor's real yield over time (5Y, 10Y, 15Y or 20Y), with a period selector and **Download**.
* **Inflation-linked bond yields**: end-of-day **Tenor**, **Yield (%)**, **Maturity**, **Nearest nominal yield (%)** and **Breakeven rate (%)**, with a date picker and **Download**.
***
### 6. Related Markets and Sources
**Related markets** links to the zone's swap rates, FX pair and government bonds where available, each with its current level. To track several zones at once, use **Build a dashboard**. Source links at the bottom of the page cite each figure.
***
## Related
* [Inflation Curves](/documentation/methodology/inflation-curves.md): how the ZC curves are built
* [The UK RPI-CPI Wedge](/documentation/methodology/uk-rpi-cpi-wedge.md): how UK CPI rates are derived from RPI
* [Fetching Inflation Curves](/documentation/integrations/api/how-to-guides/fetching-an-inflation-curve.md): the market-quoted curves through the API
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