What is INFLATION? Does the BSP “target” or “forecast” the inflation?

This video is quite instructive. What is inflation? BSP Governor Benj.Diokno explained...

“…even before the Russian invasion of Ukraine we already said that we expect inflation to be elevated in the second quarter of this year. And OUR TARGET at that time (I mean?!) OUR FORECAST at that time is that the average annual inflation for the year will be around 3.7% (but) now because of the sharp increase in price of oil and other non-oil commodities globally we revised OUR TARGET (and a…) rather OUR FORECAST and we said “look! It will probably average 4.3%. OUR (official) TARGET (range) is 2%-4% so that’s slightly above. * We still stick to OUR FORECAST to maybe adjust the policy rate in the second half of this year.”

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Now, what is inflation? Does the BSP “target” or “forecast” the inflation? Is there any difference between the two? It looks to me that the former fits the real definition of inflation --- they (banks) TARGET it!

--DISCLAIMER!--
This video clip is just for information and for references. I do not own the full/original video and was/were taken from various web sources. Watch/listen at your own risk! It is advised to further your study and research on the subject before concluding.