This is currently that inflation, as measured by the CPIX, should be brought back down to, and held within, a range of 3-6%. The value of setting an explicit target in this form is that it helps to anchor inflation expectations to a low level.
Business and industry, and individuals, in making their own financial plans, will hopefully do so on the basis that inflation will be kept in that range over time; and on the basis that, if, as at present, inflation moves outside that range, the policy stance will be adjusted promptly to bring it back within range - as indeed was done last year.