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Real interest rate indicator

The real interest rate is the policy rate minus inflation. A negative figure means the policy rate is below the rise in consumer prices; a positive figure, above it. The table shows the latest figures per currency, each with its date and source.

Latest figures per currency

Policy rate, inflation and real rate per currency, latest figures
CurrencyPolicy rateInflation, year on yearReal rate, percentage points
Euro EUR2.50% · European Central Bank3.8% · Eurostat-1.30
US dollar USD3.75% · Federal Reserve Bank of St. Louis (FRED); original source Board of Governors of the Federal Reserve System (US)3.7% · Federal Reserve Bank of St. Louis (FRED); original source U.S. Bureau of Labor StatisticsThe update is delayed.+0.03
Swiss franc CHF0.00% · Bank for International Settlements (BIS)0.8% · Bank for International Settlements (BIS)-0.81
Japanese yen JPYNo data yetBank for International Settlements (BIS)1.9% · Bank for International Settlements (BIS)The update is delayed.No data yet
Pound sterling GBP3.75% · Bank for International Settlements (BIS)3.1% · Bank for International Settlements (BIS)+0.66

Sources

Over time

One chart per currency since 2015: the real rate and the two figures it is computed from.

  • Real interest rate, euro area

    Real interest rate, euro areaThe ECB deposit facility rate, euro area inflation (HICP, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201620182020202220242026Inflation (HICP)Deposit facility rateReal rate
    Real interest rate, euro areaThe ECB deposit facility rate, euro area inflation (HICP, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201520202025Inflation (HICP)Deposit facilityrateReal rate

    Point at the chart, or focus it and use the arrow keys, to read the values.

    Real interest rate, euro area: 3 series from January 2015 to October 2026. Real rate: 0.40% in January 2015, −1.30% in October 2026; lowest −9.85%, highest 1.80%. Deposit facility rate: −0.20% in January 2015, 2.50% in October 2026; lowest −0.50%, highest 4.00%. Inflation (HICP): −0.60% in January 2015, 3.80% in September 2026; lowest −0.60%, highest 10.60%.

    Sources: European Central Bank, ECB key interest rates (licence: ECB copyright; reuse free of charge under the ECB website's copyright terms: information must be reproduced accurately, the ECB cited as the source, and modifications disclosed (https://www.ecb.europa.eu/services/using-our-site/disclaimer/html/index.en.html).; Source: European Central Bank (ECB).); Eurostat, HICP, monthly index and annual rate (all items), euro area and Germany (licence: Eurostat copyright notice: "Reuse of statistical data, metadata, publications, and other dissemination tools published on this website for commercial or non-commercial purposes is authorised provided the source is acknowledged." Modifications must be stated (https://ec.europa.eu/eurostat/help/copyright-notice).; Source: Eurostat.)

    As of: 22 October 2026

    Measured in: percent per year · Transformation: real rate = deposit facility rate minus the latest year-on-year inflation; monthly, last value of each month

    Data table
    Real interest rate, euro area (percent per year)
    PeriodReal rateDeposit facility rateInflation (HICP)
    January 20150.40%−0.20%−0.60%
    February 20150.10%−0.20%−0.30%
    March 2015−0.10%−0.20%−0.10%
    April 2015−0.40%−0.20%0.20%
    May 2015−0.80%−0.20%0.60%
    June 2015−0.70%−0.20%0.50%
    July 2015−0.80%−0.20%0.60%
    August 2015−0.60%−0.20%0.40%
    September 2015−0.40%−0.20%0.20%
    October 2015−0.60%−0.20%0.40%
    November 2015−0.30%−0.20%0.10%
    December 2015−0.50%−0.30%0.20%
    January 2016−0.60%−0.30%0.30%
    February 2016−0.20%−0.30%−0.10%
    March 2016−0.40%−0.40%0.00%
    April 2016−0.10%−0.40%−0.30%
    May 2016−0.30%−0.40%−0.10%
    June 2016−0.50%−0.40%0.10%
    July 2016−0.60%−0.40%0.20%
    August 2016−0.60%−0.40%0.20%
    September 2016−0.80%−0.40%0.40%
    October 2016−0.90%−0.40%0.50%
    November 2016−1.00%−0.40%0.60%
    December 2016−1.50%−0.40%1.10%
    January 2017−2.10%−0.40%1.70%
    February 2017−2.40%−0.40%2.00%
    March 2017−1.90%−0.40%1.50%
    April 2017−2.30%−0.40%1.90%
    May 2017−1.80%−0.40%1.40%
    June 2017−1.70%−0.40%1.30%
    July 2017−1.70%−0.40%1.30%
    August 2017−1.90%−0.40%1.50%
    September 2017−2.00%−0.40%1.60%
    October 2017−1.80%−0.40%1.40%
    November 2017−1.90%−0.40%1.50%
    December 2017−1.70%−0.40%1.30%
    January 2018−1.70%−0.40%1.30%
    February 2018−1.50%−0.40%1.10%
    March 2018−1.80%−0.40%1.40%
    April 2018−1.60%−0.40%1.20%
    May 2018−2.40%−0.40%2.00%
    June 2018−2.40%−0.40%2.00%
    July 2018−2.60%−0.40%2.20%
    August 2018−2.50%−0.40%2.10%
    September 2018−2.50%−0.40%2.10%
    October 2018−2.70%−0.40%2.30%
    November 2018−2.30%−0.40%1.90%
    December 2018−1.90%−0.40%1.50%
    January 2019−1.80%−0.40%1.40%
    February 2019−1.90%−0.40%1.50%
    March 2019−1.80%−0.40%1.40%
    April 2019−2.10%−0.40%1.70%
    May 2019−1.60%−0.40%1.20%
    June 2019−1.70%−0.40%1.30%
    July 2019−1.40%−0.40%1.00%
    August 2019−1.40%−0.40%1.00%
    September 2019−1.30%−0.50%0.80%
    October 2019−1.20%−0.50%0.70%
    November 2019−1.50%−0.50%1.00%
    December 2019−1.80%−0.50%1.30%
    January 2020−1.90%−0.50%1.40%
    February 2020−1.70%−0.50%1.20%
    March 2020−1.20%−0.50%0.70%
    April 2020−0.80%−0.50%0.30%
    May 2020−0.60%−0.50%0.10%
    June 2020−0.80%−0.50%0.30%
    July 2020−0.90%−0.50%0.40%
    August 2020−0.30%−0.50%−0.20%
    September 2020−0.20%−0.50%−0.30%
    October 2020−0.20%−0.50%−0.30%
    November 2020−0.20%−0.50%−0.30%
    December 2020−0.20%−0.50%−0.30%
    January 2021−1.40%−0.50%0.90%
    February 2021−1.40%−0.50%0.90%
    March 2021−1.80%−0.50%1.30%
    April 2021−2.10%−0.50%1.60%
    May 2021−2.50%−0.50%2.00%
    June 2021−2.40%−0.50%1.90%
    July 2021−2.70%−0.50%2.20%
    August 2021−3.50%−0.50%3.00%
    September 2021−3.90%−0.50%3.40%
    October 2021−4.60%−0.50%4.10%
    November 2021−5.40%−0.50%4.90%
    December 2021−5.50%−0.50%5.00%
    January 2022−5.60%−0.50%5.10%
    February 2022−6.40%−0.50%5.90%
    March 2022−7.90%−0.50%7.40%
    April 2022−8.00%−0.50%7.50%
    May 2022−8.60%−0.50%8.10%
    June 2022−9.10%−0.50%8.60%
    July 2022−8.90%0.00%8.90%
    August 2022−9.10%0.00%9.10%
    September 2022−9.15%0.75%9.90%
    October 2022−9.85%0.75%10.60%
    November 2022−8.60%1.50%10.10%
    December 2022−7.20%2.00%9.20%
    January 2023−6.60%2.00%8.60%
    February 2023−6.00%2.50%8.50%
    March 2023−3.90%3.00%6.90%
    April 2023−3.90%3.00%6.90%
    May 2023−2.85%3.25%6.10%
    June 2023−2.00%3.50%5.50%
    July 2023−1.80%3.50%5.30%
    August 2023−1.45%3.75%5.20%
    September 2023−0.30%4.00%4.30%
    October 20231.10%4.00%2.90%
    November 20231.60%4.00%2.40%
    December 20231.10%4.00%2.90%
    January 20241.20%4.00%2.80%
    February 20241.40%4.00%2.60%
    March 20241.60%4.00%2.40%
    April 20241.60%4.00%2.40%
    May 20241.40%4.00%2.60%
    June 20241.25%3.75%2.50%
    July 20241.15%3.75%2.60%
    August 20241.55%3.75%2.20%
    September 20241.80%3.50%1.70%
    October 20241.25%3.25%2.00%
    November 20241.05%3.25%2.20%
    December 20240.60%3.00%2.40%
    January 20250.50%3.00%2.50%
    February 20250.45%2.75%2.30%
    March 20250.30%2.50%2.20%
    April 20250.05%2.25%2.20%
    May 20250.35%2.25%1.90%
    June 20250.00%2.00%2.00%
    July 20250.00%2.00%2.00%
    August 20250.00%2.00%2.00%
    September 2025−0.20%2.00%2.20%
    October 2025−0.10%2.00%2.10%
    November 2025−0.10%2.00%2.10%
    December 20250.00%2.00%2.00%
    January 20260.30%2.00%1.70%
    February 20260.10%2.00%1.90%
    March 2026−0.60%2.00%2.60%
    April 2026−1.00%2.00%3.00%
    May 2026−1.20%2.00%3.20%
    June 2026−0.55%2.25%2.80%
    July 2026−0.65%2.25%2.90%
    August 2026−0.95%2.25%3.20%
    September 2026−1.30%2.50%3.80%
    October 2026−1.30%2.50%no value

  • Real interest rate, United States

    Real interest rate, United StatesThe effective federal funds rate, US consumer price inflation (CPI, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%201620182020202220242026Federal funds rateInflation (CPI)Real rate
    Real interest rate, United StatesThe effective federal funds rate, US consumer price inflation (CPI, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%201520202025Federal funds rateInflation (CPI)Real rate

    Point at the chart, or focus it and use the arrow keys, to read the values.

    Real interest rate, United States: 3 series from January 2015 to September 2026. Real rate: 0.34% in January 2015, 0.03% in September 2026; lowest −8.37%, highest 2.72%. Federal funds rate: 0.11% in January 2015, 3.75% in September 2026; lowest 0.05%, highest 5.33%. Inflation (CPI): −0.23% in January 2015, 3.72% in September 2026; lowest −0.23%, highest 8.98%. A gap in a line is a missing value, not zero.

    Sources: Federal Reserve Bank of St. Louis (FRED); original source Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate (licence: Public domain (FRED copyright label: "Public Domain: Citation Requested"); Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate [FEDFUNDS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/FEDFUNDS); Federal Reserve Bank of St. Louis (FRED); original source U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers, All Items in U.S. City Average (licence: Public domain (FRED copyright label: "Public Domain: Citation Requested"); U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CPIAUCSL)

    As of: 22 October 2026

    Measured in: percent per year · Transformation: real rate = federal funds rate minus the latest year-on-year inflation, computed from the price index; monthly, last value of each month

    Real rate: the update is delayed; last update 22 October 2026.

    Inflation (CPI): the update is delayed; last update 22 October 2026.

    Data table
    Real interest rate, United States (percent per year)
    PeriodReal rateFederal funds rateInflation (CPI)
    January 20150.34%0.11%−0.23%
    February 20150.20%0.11%−0.09%
    March 20150.13%0.11%−0.02%
    April 20150.22%0.12%−0.10%
    May 20150.08%0.12%0.04%
    June 2015−0.05%0.13%0.18%
    July 2015−0.10%0.13%0.23%
    August 2015−0.10%0.14%0.24%
    September 20150.13%0.14%0.01%
    October 2015−0.01%0.12%0.13%
    November 2015−0.32%0.12%0.44%
    December 2015−0.40%0.24%0.64%
    January 2016−0.90%0.34%1.24%
    February 2016−0.47%0.38%0.85%
    March 2016−0.53%0.36%0.89%
    April 2016−0.80%0.37%1.17%
    May 2016−0.71%0.37%1.08%
    June 2016−0.70%0.38%1.08%
    July 2016−0.48%0.39%0.87%
    August 2016−0.66%0.40%1.06%
    September 2016−1.15%0.40%1.55%
    October 2016−1.29%0.40%1.69%
    November 2016−1.27%0.41%1.68%
    December 2016−1.51%0.54%2.05%
    January 2017−1.86%0.65%2.51%
    February 2017−2.15%0.66%2.81%
    March 2017−1.65%0.79%2.44%
    April 2017−1.28%0.90%2.18%
    May 2017−0.95%0.91%1.86%
    June 2017−0.60%1.04%1.64%
    July 2017−0.58%1.15%1.73%
    August 2017−0.77%1.16%1.93%
    September 2017−1.03%1.15%2.18%
    October 2017−0.87%1.15%2.02%
    November 2017−1.01%1.16%2.17%
    December 2017−0.83%1.30%2.13%
    January 2018−0.74%1.41%2.15%
    February 2018−0.84%1.42%2.26%
    March 2018−0.82%1.51%2.33%
    April 2018−0.78%1.69%2.47%
    May 2018−1.08%1.70%2.78%
    June 2018−0.99%1.82%2.81%
    July 2018−0.94%1.91%2.85%
    August 2018−0.73%1.91%2.64%
    September 2018−0.38%1.95%2.33%
    October 2018−0.30%2.19%2.49%
    November 20180.05%2.20%2.15%
    December 20180.27%2.27%2.00%
    January 20190.91%2.40%1.49%
    February 20190.88%2.40%1.52%
    March 20190.53%2.41%1.88%
    April 20190.42%2.42%2.00%
    May 20190.59%2.39%1.80%
    June 20190.71%2.38%1.67%
    July 20190.57%2.40%1.83%
    August 20190.39%2.13%1.74%
    September 20190.36%2.04%1.68%
    October 20190.10%1.83%1.73%
    November 2019−0.54%1.55%2.09%
    December 2019−0.77%1.55%2.32%
    January 2020−1.05%1.55%2.60%
    February 2020−0.76%1.58%2.34%
    March 2020−0.84%0.65%1.49%
    April 2020−0.26%0.05%0.31%
    May 2020−0.15%0.05%0.20%
    June 2020−0.64%0.08%0.72%
    July 2020−0.91%0.09%1.00%
    August 2020−1.18%0.10%1.28%
    September 2020−1.30%0.09%1.39%
    October 2020−1.14%0.09%1.23%
    November 2020−1.09%0.09%1.18%
    December 2020−1.23%0.09%1.32%
    January 2021−1.28%0.09%1.37%
    February 2021−1.59%0.08%1.67%
    March 2021−2.60%0.07%2.67%
    April 2021−4.06%0.07%4.13%
    May 2021−4.86%0.06%4.92%
    June 2021−5.22%0.08%5.30%
    July 2021−5.15%0.10%5.25%
    August 2021−5.06%0.09%5.15%
    September 2021−5.27%0.08%5.35%
    October 2021−6.16%0.08%6.24%
    November 2021−6.82%0.08%6.90%
    December 2021−7.09%0.08%7.17%
    January 2022−7.48%0.08%7.56%
    February 2022−7.86%0.08%7.94%
    March 2022−8.37%0.20%8.57%
    April 2022−7.90%0.33%8.23%
    May 2022−7.77%0.77%8.54%
    June 2022−7.77%1.21%8.98%
    July 2022−6.78%1.68%8.46%
    August 2022−5.89%2.33%8.22%
    September 2022−5.63%2.56%8.19%
    October 2022−4.68%3.08%7.76%
    November 2022−3.34%3.78%7.12%
    December 2022−2.30%4.10%6.40%
    January 2023−2.00%4.33%6.33%
    February 2023−1.39%4.57%5.96%
    March 2023−0.27%4.65%4.92%
    April 2023−0.12%4.83%4.95%
    May 20230.93%5.06%4.13%
    June 20232.01%5.08%3.07%
    July 20231.83%5.12%3.29%
    August 20231.61%5.33%3.72%
    September 20231.64%5.33%3.69%
    October 20232.08%5.33%3.25%
    November 20232.20%5.33%3.13%
    December 20232.01%5.33%3.32%
    January 20242.24%5.33%3.09%
    February 20242.17%5.33%3.16%
    March 20241.84%5.33%3.49%
    April 20241.97%5.33%3.36%
    May 20242.09%5.33%3.24%
    June 20242.36%5.33%2.97%
    July 20242.39%5.33%2.94%
    August 20242.72%5.33%2.61%
    September 20242.70%5.13%2.43%
    October 20242.25%4.83%2.58%
    November 20241.92%4.64%2.72%
    December 20241.61%4.48%2.87%
    January 20251.34%4.33%2.99%
    February 20251.53%4.33%2.80%
    March 20251.95%4.33%2.38%
    April 20252.00%4.33%2.33%
    May 20251.95%4.33%2.38%
    June 20251.65%4.33%2.68%
    July 20251.59%4.33%2.74%
    August 20251.39%4.33%2.94%
    September 20251.20%4.22%3.02%
    October 20251.07%4.09%no value
    November 20251.18%3.88%2.70%
    December 20251.07%3.72%2.65%
    January 20261.25%3.64%2.39%
    February 20261.21%3.64%2.43%
    March 20260.35%3.64%3.29%
    April 2026−0.14%3.64%3.78%
    May 2026−0.54%3.63%4.17%
    June 20260.17%3.63%3.46%
    July 20260.33%3.63%3.30%
    August 20260.28%3.63%3.35%
    September 20260.03%3.75%3.72%

  • Real interest rate, Switzerland

    Real interest rate, SwitzerlandThe Swiss National Bank’s policy rate, consumer price inflation in Switzerland (year on year) and the difference between the two: the real rate.−4%−2%0%2%4%201620182020202220242026Inflation (CPI)SNB policy rateReal rate
    Real interest rate, SwitzerlandThe Swiss National Bank’s policy rate, consumer price inflation in Switzerland (year on year) and the difference between the two: the real rate.−4%−2%0%2%4%201520202025Inflation (CPI)SNB policy rateReal rate

    Point at the chart, or focus it and use the arrow keys, to read the values.

    Real interest rate, Switzerland: 3 series from January 2015 to October 2026. Real rate: −0.26% in January 2015, −0.81% in October 2026; lowest −3.70%, highest 0.69%. SNB policy rate: −0.75% in January 2015, 0.00% in October 2026; lowest −0.75%, highest 1.75%. Inflation (CPI): −0.49% in January 2015, 0.81% in August 2026; lowest −1.44%, highest 3.45%.

    Sources: Bank for International Settlements (BIS), Central bank policy rates (licence: BIS terms of permitted use of BIS statistics (https://www.bis.org/terms_statistics.htm): use is unrestricted provided the BIS is cited as the source, translations are marked as not official, the use does not imply BIS endorsement, and inclusion in a commercial product does not add charges to its users.; Source: Bank for International Settlements (BIS).); Bank for International Settlements (BIS), Consumer prices, year-on-year change (licence: BIS terms of permitted use of BIS statistics (https://www.bis.org/terms_statistics.htm): use is unrestricted provided the BIS is cited as the source, translations are marked as not official, the use does not imply BIS endorsement, and inclusion in a commercial product does not add charges to its users.; Source: Bank for International Settlements (BIS), national sources.)

    As of: 22 October 2026

    Measured in: percent per year · Transformation: real rate = policy rate minus the latest year-on-year inflation; monthly, last value of each month

    Data table
    Real interest rate, Switzerland (percent per year)
    PeriodReal rateSNB policy rateInflation (CPI)
    January 2015−0.26%−0.75%−0.49%
    February 20150.09%−0.75%−0.84%
    March 20150.12%−0.75%−0.87%
    April 20150.37%−0.75%−1.12%
    May 20150.43%−0.75%−1.18%
    June 20150.29%−0.75%−1.04%
    July 20150.53%−0.75%−1.28%
    August 20150.65%−0.75%−1.40%
    September 20150.69%−0.75%−1.44%
    October 20150.61%−0.75%−1.36%
    November 20150.64%−0.75%−1.39%
    December 20150.56%−0.75%−1.31%
    January 20160.52%−0.75%−1.27%
    February 20160.08%−0.75%−0.83%
    March 20160.11%−0.75%−0.86%
    April 2016−0.40%−0.75%−0.35%
    May 2016−0.31%−0.75%−0.44%
    June 2016−0.38%−0.75%−0.37%
    July 2016−0.55%−0.75%−0.20%
    August 2016−0.61%−0.75%−0.14%
    September 2016−0.57%−0.75%−0.18%
    October 2016−0.54%−0.75%−0.21%
    November 2016−0.41%−0.75%−0.34%
    December 2016−0.74%−0.75%−0.01%
    January 2017−1.10%−0.75%0.35%
    February 2017−1.40%−0.75%0.65%
    March 2017−1.32%−0.75%0.57%
    April 2017−1.19%−0.75%0.44%
    May 2017−1.23%−0.75%0.48%
    June 2017−0.95%−0.75%0.20%
    July 2017−1.08%−0.75%0.33%
    August 2017−1.21%−0.75%0.46%
    September 2017−1.40%−0.75%0.65%
    October 2017−1.41%−0.75%0.66%
    November 2017−1.54%−0.75%0.79%
    December 2017−1.59%−0.75%0.84%
    January 2018−1.49%−0.75%0.74%
    February 2018−1.38%−0.75%0.63%
    March 2018−1.55%−0.75%0.80%
    April 2018−1.55%−0.75%0.80%
    May 2018−1.75%−0.75%1.00%
    June 2018−1.90%−0.75%1.15%
    July 2018−1.98%−0.75%1.23%
    August 2018−1.93%−0.75%1.18%
    September 2018−1.74%−0.75%0.99%
    October 2018−1.86%−0.75%1.11%
    November 2018−1.67%−0.75%0.92%
    December 2018−1.44%−0.75%0.69%
    January 2019−1.31%−0.75%0.56%
    February 2019−1.33%−0.75%0.58%
    March 2019−1.48%−0.75%0.73%
    April 2019−1.46%−0.75%0.71%
    May 2019−1.38%−0.75%0.63%
    June 2019−1.35%−0.75%0.60%
    July 2019−1.06%−0.75%0.31%
    August 2019−1.07%−0.75%0.32%
    September 2019−0.90%−0.75%0.15%
    October 2019−0.50%−0.75%−0.25%
    November 2019−0.62%−0.75%−0.13%
    December 2019−0.91%−0.75%0.16%
    January 2020−0.95%−0.75%0.20%
    February 2020−0.69%−0.75%−0.06%
    March 2020−0.23%−0.75%−0.52%
    April 20200.31%−0.75%−1.06%
    May 20200.57%−0.75%−1.32%
    June 20200.52%−0.75%−1.27%
    July 20200.17%−0.75%−0.92%
    August 20200.12%−0.75%−0.87%
    September 20200.05%−0.75%−0.80%
    October 2020−0.18%−0.75%−0.57%
    November 2020−0.07%−0.75%−0.68%
    December 20200.06%−0.75%−0.81%
    January 2021−0.21%−0.75%−0.54%
    February 2021−0.25%−0.75%−0.50%
    March 2021−0.50%−0.75%−0.25%
    April 2021−1.08%−0.75%0.33%
    May 2021−1.30%−0.75%0.55%
    June 2021−1.35%−0.75%0.60%
    July 2021−1.43%−0.75%0.68%
    August 2021−1.63%−0.75%0.88%
    September 2021−1.69%−0.75%0.94%
    October 2021−1.99%−0.75%1.24%
    November 2021−2.28%−0.75%1.53%
    December 2021−2.28%−0.75%1.53%
    January 2022−2.40%−0.75%1.65%
    February 2022−2.90%−0.75%2.15%
    March 2022−3.14%−0.75%2.39%
    April 2022−3.30%−0.75%2.55%
    May 2022−3.69%−0.75%2.94%
    June 2022−3.63%−0.25%3.38%
    July 2022−3.68%−0.25%3.43%
    August 2022−3.70%−0.25%3.45%
    September 2022−2.75%0.50%3.25%
    October 2022−2.50%0.50%3.00%
    November 2022−2.46%0.50%2.96%
    December 2022−1.84%1.00%2.84%
    January 2023−2.28%1.00%3.28%
    February 2023−2.37%1.00%3.37%
    March 2023−1.45%1.50%2.95%
    April 2023−1.07%1.50%2.57%
    May 2023−0.66%1.50%2.16%
    June 20230.04%1.75%1.71%
    July 20230.14%1.75%1.61%
    August 20230.20%1.75%1.55%
    September 20230.10%1.75%1.65%
    October 20230.06%1.75%1.69%
    November 20230.31%1.75%1.44%
    December 20230.04%1.75%1.71%
    January 20240.47%1.75%1.28%
    February 20240.58%1.75%1.17%
    March 20240.46%1.50%1.04%
    April 20240.13%1.50%1.37%
    May 20240.11%1.50%1.39%
    June 2024−0.08%1.25%1.33%
    July 2024−0.04%1.25%1.29%
    August 20240.19%1.25%1.06%
    September 20240.16%1.00%0.84%
    October 20240.38%1.00%0.62%
    November 20240.27%1.00%0.73%
    December 2024−0.13%0.50%0.63%
    January 20250.10%0.50%0.40%
    February 20250.18%0.50%0.32%
    March 2025−0.09%0.25%0.34%
    April 20250.22%0.25%0.03%
    May 20250.35%0.25%−0.10%
    June 2025−0.08%0.00%0.08%
    July 2025−0.22%0.00%0.22%
    August 2025−0.15%0.00%0.15%
    September 2025−0.22%0.00%0.22%
    October 2025−0.10%0.00%0.10%
    November 2025−0.02%0.00%0.02%
    December 2025−0.06%0.00%0.06%
    January 2026−0.06%0.00%0.06%
    February 2026−0.13%0.00%0.13%
    March 2026−0.31%0.00%0.31%
    April 2026−0.60%0.00%0.60%
    May 2026−0.62%0.00%0.62%
    June 2026−0.45%0.00%0.45%
    July 2026−0.35%0.00%0.35%
    August 2026−0.81%0.00%0.81%
    September 2026−0.81%0.00%no value
    October 2026−0.81%0.00%no value

  • Real interest rate, Japan

    Real interest rate, JapanThe Bank of Japan’s policy rate, consumer price inflation in Japan (year on year) and the difference between the two: the real rate.−2%−1%0%1%2%3%4%5%201620182020202220242026Inflation (CPI)
    Real interest rate, JapanThe Bank of Japan’s policy rate, consumer price inflation in Japan (year on year) and the difference between the two: the real rate.−2%0%2%4%6%201520202025Inflation (CPI)

    Point at the chart, or focus it and use the arrow keys, to read the values.

    Real interest rate, Japan: one series from January 2015 to July 2026. Inflation (CPI): 2.46% in January 2015, 1.90% in July 2026; lowest −1.12%, highest 4.35%.

    Source: Bank for International Settlements (BIS), Consumer prices, year-on-year change (licence: BIS terms of permitted use of BIS statistics (https://www.bis.org/terms_statistics.htm): use is unrestricted provided the BIS is cited as the source, translations are marked as not official, the use does not imply BIS endorsement, and inclusion in a commercial product does not add charges to its users.; Source: Bank for International Settlements (BIS), national sources.)

    As of: 22 October 2026

    Measured in: percent per year · Transformation: real rate = policy rate minus the latest year-on-year inflation; monthly, last value of each month

    Inflation (CPI): the update is delayed; last update 22 October 2026.

    Data table
    Real interest rate, Japan (percent per year)
    PeriodInflation (CPI)
    January 20152.46%
    February 20152.23%
    March 20152.34%
    April 20150.69%
    May 20150.57%
    June 20150.34%
    July 20150.23%
    August 20150.11%
    September 20150.00%
    October 20150.23%
    November 20150.23%
    December 20150.11%
    January 2016−0.11%
    February 20160.23%
    March 20160.00%
    April 2016−0.23%
    May 2016−0.45%
    June 2016−0.34%
    July 2016−0.46%
    August 2016−0.57%
    September 2016−0.45%
    October 20160.11%
    November 20160.57%
    December 20160.34%
    January 20170.46%
    February 20170.23%
    March 20170.11%
    April 20170.34%
    May 20170.46%
    June 20170.46%
    July 20170.46%
    August 20170.69%
    September 20170.68%
    October 20170.23%
    November 20170.57%
    December 20171.02%
    January 20181.37%
    February 20181.48%
    March 20181.14%
    April 20180.57%
    May 20180.68%
    June 20180.68%
    July 20180.91%
    August 20181.25%
    September 20181.13%
    October 20181.36%
    November 20180.79%
    December 20180.23%
    January 20190.22%
    February 20190.22%
    March 20190.56%
    April 20190.90%
    May 20190.68%
    June 20190.68%
    July 20190.56%
    August 20190.34%
    September 20190.22%
    October 20190.22%
    November 20190.56%
    December 20190.79%
    January 20200.79%
    February 20200.56%
    March 20200.56%
    April 20200.22%
    May 20200.22%
    June 20200.11%
    July 20200.22%
    August 20200.00%
    September 2020−0.22%
    October 2020−0.56%
    November 2020−1.00%
    December 2020−1.11%
    January 2021−0.67%
    February 2021−0.56%
    March 2021−0.45%
    April 2021−1.12%
    May 2021−0.78%
    June 2021−0.45%
    July 2021−0.22%
    August 2021−0.34%
    September 20210.22%
    October 20210.11%
    November 20210.56%
    December 20210.79%
    January 20220.45%
    February 20221.01%
    March 20221.23%
    April 20222.49%
    May 20222.48%
    June 20222.36%
    July 20222.58%
    August 20222.92%
    September 20223.02%
    October 20223.70%
    November 20223.80%
    December 20224.03%
    January 20234.35%
    February 20233.22%
    March 20233.32%
    April 20233.42%
    May 20233.19%
    June 20233.30%
    July 20233.28%
    August 20233.16%
    September 20233.04%
    October 20233.35%
    November 20232.91%
    December 20232.58%
    January 20242.14%
    February 20242.80%
    March 20242.68%
    April 20242.56%
    May 20242.77%
    June 20242.77%
    July 20242.75%
    August 20243.07%
    September 20242.53%
    October 20242.30%
    November 20242.93%
    December 20243.67%
    January 20253.98%
    February 20253.56%
    March 20253.55%
    April 20253.64%
    May 20253.63%
    June 20253.42%
    July 20253.20%
    August 20252.87%
    September 20252.88%
    October 20252.86%
    November 20252.75%
    December 20252.02%
    January 20261.51%
    February 20261.31%
    March 20261.41%
    April 20261.30%
    May 20261.50%
    June 20261.70%
    July 20261.90%

  • Real interest rate, United Kingdom

    Real interest rate, United KingdomThe Bank of England’s Bank Rate, consumer price inflation in the United Kingdom (year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201620182020202220242026Bank RateInflation (CPI)Real rate
    Real interest rate, United KingdomThe Bank of England’s Bank Rate, consumer price inflation in the United Kingdom (year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201520202025Bank RateInflation (CPI)Real rate

    Point at the chart, or focus it and use the arrow keys, to read the values.

    Real interest rate, United Kingdom: 3 series from January 2015 to October 2026. Real rate: 0.20% in January 2015, 0.66% in October 2026; lowest −8.84%, highest 3.33%. Bank Rate: 0.50% in January 2015, 3.75% in October 2026; lowest 0.10%, highest 5.25%. Inflation (CPI): 0.30% in January 2015, 3.09% in August 2026; lowest −0.20%, highest 11.09%.

    Sources: Bank for International Settlements (BIS), Central bank policy rates (licence: BIS terms of permitted use of BIS statistics (https://www.bis.org/terms_statistics.htm): use is unrestricted provided the BIS is cited as the source, translations are marked as not official, the use does not imply BIS endorsement, and inclusion in a commercial product does not add charges to its users.; Source: Bank for International Settlements (BIS).); Bank for International Settlements (BIS), Consumer prices, year-on-year change (licence: BIS terms of permitted use of BIS statistics (https://www.bis.org/terms_statistics.htm): use is unrestricted provided the BIS is cited as the source, translations are marked as not official, the use does not imply BIS endorsement, and inclusion in a commercial product does not add charges to its users.; Source: Bank for International Settlements (BIS), national sources.)

    As of: 22 October 2026

    Measured in: percent per year · Transformation: real rate = Bank Rate minus the latest year-on-year inflation; monthly, last value of each month

    Data table
    Real interest rate, United Kingdom (percent per year)
    PeriodReal rateBank RateInflation (CPI)
    January 20150.20%0.50%0.30%
    February 20150.50%0.50%0.00%
    March 20150.50%0.50%0.00%
    April 20150.70%0.50%−0.20%
    May 20150.40%0.50%0.10%
    June 20150.50%0.50%0.00%
    July 20150.40%0.50%0.10%
    August 20150.40%0.50%0.10%
    September 20150.60%0.50%−0.10%
    October 20150.60%0.50%−0.10%
    November 20150.30%0.50%0.20%
    December 20150.30%0.50%0.20%
    January 20160.30%0.50%0.20%
    February 20160.20%0.50%0.30%
    March 2016−0.00%0.50%0.50%
    April 20160.20%0.50%0.30%
    May 20160.20%0.50%0.30%
    June 20160.10%0.50%0.40%
    July 2016−0.10%0.50%0.60%
    August 2016−0.35%0.25%0.60%
    September 2016−0.65%0.25%0.90%
    October 2016−0.65%0.25%0.90%
    November 2016−0.85%0.25%1.10%
    December 2016−1.35%0.25%1.60%
    January 2017−1.66%0.25%1.91%
    February 2017−2.05%0.25%2.30%
    March 2017−2.05%0.25%2.30%
    April 2017−2.44%0.25%2.69%
    May 2017−2.64%0.25%2.89%
    June 2017−2.43%0.25%2.68%
    July 2017−2.33%0.25%2.58%
    August 2017−2.62%0.25%2.87%
    September 2017−2.72%0.25%2.97%
    October 2017−2.71%0.25%2.96%
    November 2017−2.66%0.50%3.16%
    December 2017−2.44%0.50%2.94%
    January 2018−2.46%0.50%2.96%
    February 2018−2.24%0.50%2.74%
    March 2018−1.94%0.50%2.44%
    April 2018−1.93%0.50%2.43%
    May 2018−1.92%0.50%2.42%
    June 2018−1.92%0.50%2.42%
    July 2018−2.02%0.50%2.52%
    August 2018−1.85%0.75%2.60%
    September 2018−1.65%0.75%2.40%
    October 2018−1.65%0.75%2.40%
    November 2018−1.54%0.75%2.29%
    December 2018−1.35%0.75%2.10%
    January 2019−1.07%0.75%1.82%
    February 2019−1.06%0.75%1.81%
    March 2019−1.15%0.75%1.90%
    April 2019−1.34%0.75%2.09%
    May 2019−1.23%0.75%1.98%
    June 2019−1.23%0.75%1.98%
    July 2019−1.23%0.75%1.98%
    August 2019−1.03%0.75%1.78%
    September 2019−1.03%0.75%1.78%
    October 2019−0.75%0.75%1.50%
    November 2019−0.65%0.75%1.40%
    December 2019−0.56%0.75%1.31%
    January 2020−1.04%0.75%1.79%
    February 2020−0.94%0.75%1.69%
    March 2020−1.40%0.10%1.50%
    April 2020−0.74%0.10%0.84%
    May 2020−0.46%0.10%0.56%
    June 2020−0.55%0.10%0.65%
    July 2020−1.01%0.10%1.11%
    August 2020−0.08%0.10%0.18%
    September 2020−0.45%0.10%0.55%
    October 2020−0.64%0.10%0.74%
    November 2020−0.27%0.10%0.37%
    December 2020−0.55%0.10%0.65%
    January 2021−0.64%0.10%0.74%
    February 2021−0.36%0.10%0.46%
    March 2021−0.64%0.10%0.74%
    April 2021−1.37%0.10%1.47%
    May 2021−2.02%0.10%2.12%
    June 2021−2.39%0.10%2.49%
    July 2021−1.92%0.10%2.02%
    August 2021−3.12%0.10%3.22%
    September 2021−2.92%0.10%3.02%
    October 2021−4.02%0.10%4.12%
    November 2021−5.04%0.10%5.14%
    December 2021−5.15%0.25%5.40%
    January 2022−5.16%0.25%5.41%
    February 2022−5.64%0.50%6.14%
    March 2022−6.29%0.75%7.04%
    April 2022−8.24%0.75%8.99%
    May 2022−8.03%1.00%9.03%
    June 2022−8.18%1.25%9.43%
    July 2022−8.81%1.25%10.06%
    August 2022−8.06%1.75%9.81%
    September 2022−7.89%2.25%10.14%
    October 2022−8.84%2.25%11.09%
    November 2022−7.66%3.00%10.66%
    December 2022−7.01%3.50%10.51%
    January 2023−6.51%3.50%10.01%
    February 2023−6.45%4.00%10.45%
    March 2023−5.83%4.25%10.08%
    April 2023−4.42%4.25%8.67%
    May 2023−4.19%4.50%8.69%
    June 2023−2.96%5.00%7.96%
    July 2023−1.86%5.00%6.86%
    August 2023−1.41%5.25%6.66%
    September 2023−1.37%5.25%6.62%
    October 20230.65%5.25%4.60%
    November 20231.30%5.25%3.95%
    December 20231.32%5.25%3.93%
    January 20241.22%5.25%4.03%
    February 20241.81%5.25%3.44%
    March 20242.07%5.25%3.18%
    April 20242.87%5.25%2.38%
    May 20243.27%5.25%1.98%
    June 20243.27%5.25%1.98%
    July 20243.03%5.25%2.22%
    August 20242.72%5.00%2.28%
    September 20243.33%5.00%1.67%
    October 20242.73%5.00%2.27%
    November 20242.17%4.75%2.58%
    December 20242.18%4.75%2.57%
    January 20251.78%4.75%2.97%
    February 20251.70%4.50%2.80%
    March 20251.87%4.50%2.63%
    April 20250.98%4.50%3.52%
    May 20250.89%4.25%3.36%
    June 20250.67%4.25%3.58%
    July 20250.36%4.25%3.89%
    August 20250.28%4.00%3.72%
    September 20250.20%4.00%3.80%
    October 20250.44%4.00%3.56%
    November 20250.74%4.00%3.26%
    December 20250.43%3.75%3.32%
    January 20260.72%3.75%3.03%
    February 20260.74%3.75%3.01%
    March 20260.45%3.75%3.30%
    April 20260.93%3.75%2.82%
    May 20260.86%3.75%2.89%
    June 20261.16%3.75%2.59%
    July 20260.94%3.75%2.81%
    August 20260.66%3.75%3.09%
    September 20260.66%3.75%no value
    October 20260.66%3.75%no value

How the figure is computed

  • Real rate = the policy rate in force on a date minus the latest year-on-year inflation for a period at or before that date, in percentage points.
  • The two inputs have their own dates: a policy rate changes on decision days, inflation is published per month or per year. Both dates are shown.
  • Where only annual inflation is available, the annual figure applies to every date in that year.
  • A currency without a source for one of the inputs shows “not yet sourced”, and no real rate is computed for it.