UK Breakeven Inflation Rates: Swap & UKTI Break-Evens, 1Y to 30Y
Breakeven rates are the market's implied inflation, its traded inflation expectations: what zero-coupon inflation swaps lock, and what the gap between nominal gilt yields and the real yields on index-linked gilts (UKTI) implies. This page puts the two side by side, with the swap−UKTI gap, from 1 to 30 years. Start a free 14-day trial to unlock the numbers.
Last update:
| Tenor | Swap breakeven09 Jul 2026 | UKTI breakeven09 Jul 2026 | Swap−UKTI gap09 Jul 2026 |
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Swap break-evens from RPI swap market data; UKTI break-evens from end-of-day real yields and conventional gilt yields. How we source and build our rates.
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Swap and UKTI break-evens, side by side
- Swap vs UKTI break-evens by tenor
- Every UKTI real yield, plus history
- A market-consistent inflation assumption for your models
- Excel Add-in & API access
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The breakeven inflation curve
A breakeven inflation curve charts the market's implied inflation, its inflation expectations, across time horizons. Each point is calculated by taking the difference between a nominal gilt's yield and the real yield on the index-linked gilt (UKTI) closest to it in maturity, or read directly from the zero-coupon inflation swap of that tenor. The shape carries the information: the short end moves with the current inflation cycle, while tenors spanning February 2030 price the alignment of RPI with CPIH, which is why the curve steps down before flattening at the long end.
Chart: UK breakeven inflation expectations by linker maturity, shape shown, values unlock with a trial
The UK breakeven curve in Excel & API
If you're copying this curve into a model every quarter-end, you don't need a table, you need a feed. The full zero-coupon curve, 1 to 50 years, as clean JSON or straight into your spreadsheet.
# API: the full UK breakeven zero-coupon curve GET api.bluegamma.io/v1/inflation_curve ?index=UK RPI x-api-key: your_api_key # Returns zc_rate for every tenor, 1Y–50Y, # with the discount index and curve date
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More UK Inflation Data
UK Index Linked Gilts
The bond side of every break-even: real yields, nominal comparators and break-evens for every UK linker.
UK Inflation Swap Rates
The derivatives side: GBP zero-coupon inflation swaps from 1 to 50 years.
Bank of England Rate Forecast
Where the market prices Bank Rate next, the policy path that drives short-end inflation pricing.
UK Gilt Yield Curve
Nominal gilt yields and zero-coupon curves: the other half of the gilt break-even.
Zero Coupon Inflation Swaps
How the contract behind swap break-evens works, with a worked example.
SONIA Swap Rates
The GBP nominal swap curve: the discounting benchmark behind these rates.