Canada’s annual consumer price index dipped a-tenth of a point to 1.2-per cent last month.

Statistics Canada says that puts inflation back to where it stood in May; the lowest point in more than two years.

Prices actually rose from July to August because of an increase at the gas pumps.

The Bank of Canada’s target inflation rate is two-per cent.

Governor Mark Carney is not likely to raise interest rates, according to those who read economic tea leaves.

They figure rate hikes are at least a year away.

They cite rising consumer prices, Canada’s deflating housing sector, weak global demand that’s hurting exports and high commodity prices.

They also point to the U.S. Federal Reserve Board’s recent decision to deploy a third asset-purchase program.