Real interest rate

The nominal rate less inflation. A 7.2% bond yield with 5% inflation gives a real rate of 2.2%.

The real rate is what determines saving and investment behaviour, and it is why nominal comparisons across countries or across decades mislead. A 12% deposit rate with 11% inflation is worse than a 6% rate with 3%.

For a company, the real cost of borrowing is what matters for an investment decision, and inflation that raises the price of its output while the loan stays fixed in nominal terms is a transfer from the lender.

Convert before comparing anything across time.