What is Inflation Swap?

Legal Definition
An inflation swap is the linear form of an inflation derivative, an over-the-counter and exchange-traded derivatives that is used to transfer inflation risk from one counterparty to another.

Limited Price Indexation (LPI) swaps are inflation swaps which are capped and floored between 0% and 5%.
-- Wikipedia
Legal Definition
A swap of actual and fixed inflation rates. They mature in 10 or more years and are structured as annual inflation or a zero coupon inflation swap. Also called a consumer price index, retail price index, or harmonized index of consumer prices.