NIH working definitions:

Bioinformatics: Research, development, or application of computational tools and approaches for expanding the use of biological, medical, behavioral or health data, including those to acquire, store, organize, archive, analyze, or visualize such data.

Computational Biology: The development and application of data-analytical and theoretical methods, mathematical modeling and computational simulation techniques to the study of biological, behavioral, and social systems.

Source: http://www.bisti.nih.gov/docs/CompuBioDef.pdf

You could read my blog for the answer

http://raunakms.wordpress.com/2012/02/23/the-three-musketeers-of-genome-sciences-and-bioinformatics/

http://raunakms.wordpress.com/2012/02/23/the-three-musketeers-of-genome-sciences-and-bioinformatics/

Simply... Bioinformatics means informatics of Biology process or phenomenon whereas computational Biology consists of mainly Computational studies related to the biology process/phenomenon.

Although Computational Biology is a part of the Bioinformatics

NIH working definitions:

Bioinformatics: Research, development, or application of computational tools and approaches for expanding the use of biological, medical, behavioral or health data, including those to acquire, store, organize, archive, analyze, or visualize such data.

Computational Biology: The development and application of data-analytical and theoretical methods, mathematical modeling and computational simulation techniques to the study of biological, behavioral, and social systems.

Source: http://www.bisti.nih.gov/docs/CompuBioDef.pdf

First of all the answer depends on who you are asking ....

Computational biology - -mainly software/algorithms are developed

Bioinformatics - core research is done with computational tools and interpretation to biological questions

This is a sterile question which as all sterile questions has stupidly be dividing people for the last 25 years

My take is that it is one and the same

and I am not alone thinking this way. Look here below in the subject areas of Nature :

http://www.nature.com/subjects/computational-biology-and-bioinformatics

Computational biology and bioinformatics is an interdisciplinary field that develops and applies computational methods to analyse large collections of biological data, such as genetic sequences, cell populations or protein samples, to make new predictions or discover new biology. The computational methods used include analytical methods, mathematical modelling and simulation.

Bioinformatics - A field to apply informatics & data analysis techniques/approaches towards molecular biology research.

Computational Biologist - Developing computational algorithms, tools, and softwares that would allow biological problems be able to be solved via computational approaches.

I would classify bioinformaticians as end users of what computational biologist (developer) has achieved.

The confusion is large because the two things are inter-related. Computational biology is a broad umbrella that includes "bioinformatics" as a proper subset.  Bioinformaticians usually have a biology background and often don't have a strong computer science background and use algorithms, software ( developed by the Computational biologists) to explain and solve biological problems.

Hello

https://www.google.com/amp/s/rbaltman.wordpress.com/2009/02/18/bioinformatics-computational-biology-same-no/amp/

https://online.lewisu.edu/msds/resources/computational-biology-and-bioinformatics-two-fields-changing-the-world