At noon AEST on Wednesday the benchmark S&P/ASX200 index was down 14.8 points, or 0.21 per cent, to 7,023.4, while the broader All Ordinaries was down 17.3 points, or 0.24 per cent, to 7,221.0.
Half-an-hour earlier, the Australian Bureau of Statistics reported that consumer prices rose 5.2 per cent in the 12 months to August, up from 4.9 per cent in the year to July.
The readout was "bang on expectations", said IG market analyst Tony Sycamore.
"Nothing to see here, so back to watching the price action in US Treasuries."
US 10-year Treasury yields had eased slightly from Tuesday, but were still a touch over 4.5 per cent for the first time since 2007.
Excluding the volatile items of petrol, fruit and vegetables and holiday travel, the annual rate of inflation decelerated to 5.5 per cent in August, from 5.8 per cent in July, the ABS said.
Mr Sycamore and City Index senior market analyst Matt Simpson both said that the data wouldn't move the dial for the Reserve Bank, which is widely expected to leave rates on hold at its next meeting on Tuesday.
Every ASX sector was lower at midday except for mining and financials, which were both very slightly higher.
Health care was the biggest loser, down 1.2 per cent as CSL fell 2.1 per cent, although ResMed was up 5.7 per cent to a week-and-a-half high of $23.19, amid positive broker commentary.
RMD shares declined by a nearly quarter in August over fears that weight loss wonder-drug like Ozempic might cut into the sleep apnoea company's business, but some are now saying that was an overreaction.
In the heavyweight mining sector, BHP was up 0.5 per cent, Fortescue had gained 1.7 per cent and Rio Tinto had added 0.5 per cent.
The Big Four banks were higher as well, with NAB up 0.9 per cent, ANZ adding 0.8 per cent, Westpac climbing 0.7 per cent and CBA gaining 0.3 per cent.
Insurance Australia was down 3.5 per cent and Suncorp had declined 2.5 per cent.
Star Entertainment Group had dropped 8.8 per cent to an all-time low of 63.25c after the casino company raised $565 million at a 20 per cent discount on Tuesday. Star shares are down 57.9 per cent so far this year, after being cut in half in 2022.
Chief executive Robbie Cooke said the refinancing and other capital structure initiatives announced Tuesday were a "key milestone in the renewal of The Star," which has struggled since last year's Bell inquiry heard allegations of money laundering and infiltration by organised crime at its casinos.
Qantas declined another 1.6 per cent, to a nearly one-year low of $5.08
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