# Inflation

Source: https://www.yieldcurve.pro/inflation

Charts headline CPI and Core CPI (ex food and energy) year-over-year
inflation rates alongside market-implied inflation expectations from
TIPS breakeven rates. Use the date picker to zoom into any period.



Series

* **CPI YoY** — headline Consumer Price Index year-over-year change,
  updated monthly from FRED (series CPIAUCSL)
* **Core CPI YoY** — CPI excluding food and energy, updated monthly
  from FRED (series CPILFESL). The Fed's preferred measure of
  underlying inflation trends.
* **5 Yr Breakeven** — market-implied average inflation over the next
  5 years, derived from the spread between nominal Treasuries and TIPS.
  Updated daily (series T5YIE).
* **10 Yr Breakeven** — same concept over a 10-year horizon (series
  T10YIE). A key long-run inflation anchor.

Use Cases

* compare realized inflation against market expectations
* track the gap between headline and core CPI
* monitor inflation expectations for bond portfolio positioning
* identify when breakeven rates diverge from realized inflation