SYDNEY, AAP – Higher inflation figures rocked investor confidence on the Australian share market as traders pondered the prospect of an earlier rate rise.

The market was at its highest levels of Wednesday prior to the Australian September quarter data, which showed underlying inflation rose 0.7 per cent.

The ASX indices dipped in the aftermath and did not completely recover.

Telecommunications and healthcare shares fared best.

The benchmark S&P/ASX200 index closed higher by 5.3 points, or 0.07 per cent, to 7448.7.

The All Ordinaries closed down 1.3 points, or 0.02 per cent, to 7758.

The Australian dollar was buying 75.20 US cents at 1623 AEDT, higher from 75.15 cents at Tuesday’s close.