The Australian Bureau of Statistics released its consumer inflation data on Wednesday. The consumer price inflation in Australia fell 0.2% in the first quarter, missing expectations for a 0.3% gain, after a 0.4% increase in the fourth quarter.

The quarterly inflation was mainly driven by lower prices for clothing and footwear and transport.

On a yearly basis, Australia's consumer price inflation slid to 1.3% in the first quarter from 1.7% in the fourth quarter, missing expectations for an increase to 1.8%.

The annual inflation was mainly driven by higher prices for alcohol and tobacco, education and health care.

The trimmed mean consumer price index (CPI) (the Reserve Bank of Australia's (RBA) main indicator of inflation) dropped to 1.7% year-on-year in the first quarter from 2.1% in the fourth quarter, missing expectations for a fall to 2.0%.