Does the discount rate on PBO already include inflation?

I just took a past exam. There was a return objective question about a DB plan. The objective is to at least match the liabilty discount rate, but do you have to deal with inflation here? The question also states the inflation rate, but I guess that was just a distractor. The answer makes no mention of inflation.

I should think that the discount rate includes inflation. I’d assume that it does and sally forth.

Thank you!

You’re welcome.