If there is a Brexit resolution and inflation and growth continue to increase more rises are likely, Mr Carney said.
As expected, the Bank kept interest rates on hold at 0.75% at the latest meeting of the Monetary Policy Committee.
Interest rates have been held 0.75% at that level since last August.
Laith Khalaf, senior analyst, Hargreaves Lansdown, said: “The Bank’s decision to keep interest rates on hold will surprise precisely no-one, with Brexit still rattling through the political system.
“The MPC thinks the UK economy got a boost in the first quarter as a result of Brexit stockpiling, but anticipates this will recede in the second quarter.”
He added: “Markets are now pricing in a one in three chance of a UK rate rise by the end of this year.
“That looks a little rich from where we’re sitting, but markets find it difficult to price something as uncertain and manifold as the possible Brexit outcomes.
“Precise predictions should probably therefore be taken with a pinch of salt at the moment.”