Noting that country has not yet seen summit level of snuff, Carney said bank's primary mission was to realize inflation target, which is 2 percent.
If it had risen any further, Bank of England Governor Mark Carney would have to write to Treasury chief Philip Hammond explaining why inflation is more than a percentage point above the 2% target and what he and his colleagues at the central bank were going to do about it. Higher food prices and recreational goods were the main factors in the cost of living increase, said the Office for National Statistics.
The important thing is to focus on actions of bank's jurisdiction, Carney said, "we can contribute to price stability and financial stability".
Bank of England governor Mark Carney told the Treasury Select Committee in Westminster this morning (17 October) that he expects United Kingdom inflation to peak at just more than 3 per cent, in the next two months.
BOE deputy Governor Dave Ramsden was answering United Kingdom lawmaker's questions in a parliamentary committee, alongside new external BOE policy setting member, Silvana Tenreyro.
Tenreyro, meanwhile, aired her opinion that she wasn't yet ready to vote for a rate hike.
Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said inflation is likely to peak at 3.1% in October and return to target by late 2018, "discouraging" the Bank of England from raising interest rates a few times over the next 12 months.
"Despite continued robust growth in employment, there is no sign of second-round effects onto wages from higher recent inflation", he told a committee of British lawmakers in his first public comments on monetary policy. The pound was little changed by the inflation numbers as most investors have already priced in a likely November rate hike. Nevertheless, Ramsden admitted that his opinion was not part of the majority of BoE policymakers that do believe an interest rate hike is necessary in the coming months.
However, the impact of the lower exchange rate on inflation is set to ease as the annual change of prices due to the pound's decline drops out of the comparison.
Speaking in United Kingdom parliament, Carney said loss of value in pound since European Union (EU) referendum has caused inflation to increase, " infusion is potentially over 3 per cent of next months. We expect inflation to approach summit in October.
"Overall, today's data are consistent with our view that the Monetary Policy Committee will raise interest rates in November, but it won't be panicked into doing so by concerns about inflation".