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The Apply Formula step runs a single formula across several columns in one go. Where Calculate Variable creates one new column from a formula you write, this step applies the same formula to each column you select and produces one new column per input.

Configuration

Output columns are named {original column} - {suffix}. So applying a formula with the suffix real to Exports and Imports produces Exports - real and Imports - real, leaving the originals in place.
The formula uses the same grammar as Calculate Variable — see the formula reference for every operator and function.
The step fails if the formula, the suffix, or the column selection is missing. All three are required.
Reach for this when you would otherwise add the same Calculate Variable step five times with only the column name changing — deflating several nominal series, or converting a group of columns to an index.

Next steps

Formula reference

Every operator and function available.

Calculate variable

Write a formula producing a single new column.