The Australian share market dipped lower despite a rally from energy and IT stocks. -AAP Image
Profit-taking and weaker commodity prices have pushed the local share market lower, while surprise price growth figures revealed a speed-bump in Australia's disinflation road.
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The S&P/ASX200 handed back a nearly 0.6 per cent rally in early trade to close slightly lower, down 6.1 points, or 0.07 per cent to 8,401.5.
The broader All Ordinaries lost 2.4 points, or 0.03 per cent, to 8,629.1.
Rallies in energy and IT stocks weren't enough to counteract profit-taking in banks and a mining sell-off as metals prices softened against a stronger US dollar.
Hotter-than-expected consumer price index figures showed the Reserve Bank's preferred trimmed-mean inflation measure rose to 2.8 per cent year-on-year in April from 2.7 per cent in March, which could impact the speed and size of future interest rate cuts.
The Aussie dollar is buying 64.71 US cents, down from 64.33 US cents on Tuesday at 5pm.
The greenback has rebounded on improving US consumer confidence and hopes of strong tech earnings this week.
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