The S&P/ASX 200 index retreated 0.3% to 7301.9 by 1233 GMT. The market was closed for a public holiday on Tuesday. The first-quarter inflation number, due later in the day, is projected to be 1.3% lower quarter-on-quarter and 6.9% down year-on-year from 7.8% in the December quarter, when inflation touched its highest since March 1990, according to a Reuters poll of economists.
The scheduled inflation data will likely influence the Reserve Bank of Australia's (RBA) rate decision at its May meeting, with inflation still reeling well above the central bank's set target band of 2-3%.
Leading losses on the benchmark, miners lost 1.3% with sector majors BHP Group Ltd , Rio Tinto Ltd , and Fortescue Metals losing between 1.5% and 3%.
Mineral Resources dived 8% after the lithium miner revised lower its guidance for its Mt Marion project in Western Australia.
Heavyweight financials slipped 0.2%, with the 'big four' banks losing between 0.1% and 1%.
Energy stocks , however, added 1.14%, with sector majors Woodside Energy and Santos advancing 0.7% and 0.9%, respectively.
Gold sub-index gained 2.5% buoyed by strong bullion prices. Newcrest Mining and Northern Star Resources jumped about 3%, each.
New Zealand's benchmark S&P/NZX 50 index lost 0.9% to 11924.9. Synlait Milk hit a record low, after the dairy producer cut its 2022-23 season base milk price forecast and its 2023 profit outlook for a second straight time.
Shares in New Zealand dairy firm a2 Milk Company , which owns nearly a fifth of the Synlait's shares, lost 5%.
(Reporting by Roushni Nair in Bengaluru; Editing by Rashmi
Aich)
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