Is Inflation Going to Affect Real Returns?

Most pension funds and other e organizations reckon their need for return in nominal terms. Some people would counter this by saying, inflation takes a lot of the value out of those returns. How much are you trying to game out where inflation is going go over the next six to 12 months? Considering the fact that i know that you do not time the market or look at a sort of day to day price swaying kind of issue, but this really does determine how important some of these returns will be going forward? A, yes, it does. But a, i don't think there's anything to be known on that subject, and i'm sure we don't know it, you know.