Inflation rate at 0.5% in March quarter

Australian consumer prices rose 0.5 per cent in the March quarter.

Australia's inflation rate was 0.5 per cent in the March quarter, official data shows. (AAP)

Australia's inflation rate was 0.5 per cent in the March quarter, missing economists' expectations of a 0.6 per cent rise.

The consumer price index also rose 2.1 per cent in the year to March 31, figures from the Australian Bureau of Statistics on Wednesday showed.

Underlying inflation, which strips out volatile price movements, was 1.8 per cent over the year, after a quarterly rise of 0.45 per cent.