The Australian share market finished almost completely flat on Wednesday, despite being up as much as 1 per cent this morning.

The mood really changed when those hotter than expected inflation numbers were handed down, partly because of higher petrol prices in recent months.

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This has raised the likelihood that the Reserve Bank could hike interest rates for a fifth time this year when it meets next Tuesday.

Certain housing-related stocks that are hurt by higher rates came under pressure today, including Reece, which sells plumbing and building products, REA Group, which advertises properties online, and retailer JB Hi-Fi.

Lower oil prices weighed on energy giant Woodside, and then we had Woolworths outperforming rival Coles, and this was after flagging a near 5 per cent lift in sales over the past three months.

The Aussie dollar has strengthened slightly, buying roughly 70.3 US cents.

This article is published as part of a paid partnership with the CommSec.

Facts and dates are correct at the time of publication. This is general information only and does not constitute personal financial advice. Consider seeking advice from a qualified financial professional before making financial decisions.

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