Australian shares fell after monthly inflation came in slightly higher than expectations. -AAP Image
The local share market has suffered its worst drop in three weeks after a domestic inflation readout and cautious commentary from the US Federal Reserve reduced expectations for interest rate cuts at home and abroad.
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The benchmark S&P/ASX200 index on Wednesday fell 81.4 points, or 0.92 per cent, to 8,764.5, while the broader All Ordinaries dropped 80.2 points, or 0.88 per cent, to 9,057.6.
The Australian dollar spiked to a five-day high after the inflation readout, buying 66.23 US cents, from 65.93 US cents at 5pm on Tuesday.
