The ASX200 dipped 22 points in two minutes after Australia's latest inflation figures. -AAP Image
The local share market has suffered its biggest drop in over a month after official statistics showed inflation has picked up, raising doubts about whether domestic rate hikes will occur at all this year.
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The S&P/ASX200 index finished Wednesday down 101.1 points, or 1.3 per cent, to 7,665.6, its lowest close since May 3. The broader All Ordinaries dropped 99.2 points, or 1.23 per cent, to 7,935.7.
The ASX200 was already down 52 points and fell another 22 in the space of two minutes after the Australian Bureau of Statistics reported that consumer prices rose 3.6 per cent in the 12 months to April, up from 3.5 per cent for the year to March.Â
The market consensus was for inflation to cool to 3.4 per cent.
The Australian dollar was buying 66.54 US cents, from 66.61 US cents at Tuesday's stock exchange close.
