Nominal and real.
Different questions.

Start with a simple example

Suppose a hypothetical balance grows by 5% over a year, while the price of a representative basket rises by 3%. The nominal growth is 5%. The growth relative to that basket is smaller because the balance now buys against a higher price level.

Make the adjustment

For this simple one-period illustration, divide the growth factor by the price factor, then subtract one. The result is about 1.94%. Subtracting inflation directly gives an approximation of 2%.

Expected and realised are different

Before the period ends, an inflation adjustment may use an expectation. Afterwards, it can use an observed measure. A statement about a real rate should make clear which is being used and which time horizon it covers.

Do not turn a distinction into a trading rule

The arithmetic does not establish that a currency must appreciate or that an investment is suitable. Taxes, costs, exchange-rate changes and the inflation measure can affect a real-world comparison. This example isolates one relationship so its units remain clear.