Bank of England's Mark Carney says inflation hasn't peaked yet after hitting 3% today – business live

Prices in Britain are now rising at the fastest rate since early 2012, meaning real wages are falling. It’s another blow to those on benefits, but pensions should rise next yearMark Carney says inflation hasn’t peaked yetCarney: EU banks aren’t ready for hard BrexitEarlier:Breaking: inflation has hit 3.0%, a five-year highWeak pound since Brexit vote is pushing prices upRising inflation eats into workers’ wagesState pension likely to rise by 3% 2.51pm BST The outlook for US manufacturing looks upbeat even if the recent hurricanes have a negative effect on the short term figures, reckons James Knightley, chief international economist at ING Bank. Following the industrial production figures, he said:US Industrial production rose 0.3% month on month, in line with expectations. A two-tenths upward revision to August was also announced (-0.7% versus -0.9% originally reported).The details show that manufacturing output rose 0.1% month on month, utilities grew 1.5% month on month while mining was up 0.4% month on month. The Federal Reserve had suggested in advance of the report’s publication that the data would be liable to revision given a lack of information on which operations were back up and running after Hurricane Harvey while Hurricane Irma will have had a depressing effect on figures from Florida. 2.47pm BST Over in the US, industrial production for September has edged up in line with forecasts.It rose 0.3% compared to a decline of 0.7% in August, itself revised up from an initial 0.9% fall.#UnitedStates Industrial Production month-on-month at 0.3% https://t.co/d2vCgluAuV pic.twitter.com/hMBHGW6Noq Continue reading…
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