Welcome to your five-minute recap of the trading day so far and how the experts see it.

The numbers:

The Australian sharemarket has closed lower after a choppy day as inflation hit a peak of 7.8 per cent, its highest since 1990, making more interest rate rises likely.

The S&P/ASX200 dropped 22.10, or 0.30 per cent, close at 7,468.30.

The lifters: James Hardie Industries was among the best-performing stocks all day, finishing up 2.61 per cent higher, Cochlear had a slight bump towards the close to finish at 1.28 per cent.

The laggards: The bottom performing stocks included Evolution Mining Limited, which fell 5.87 per cent and Yancoal Australia Limited which dipped 3.7 per cent.

The lowdown: According to The Bureau of Statistics findings, pricier domestic holidays, overseas travel and rising electric prices contributed to a record 7.8 per cent inflation, giving way to the Australian share market dipping into the red.

“There’s a lot of uncertainty in markets this week,” said market analyst Jessica Amir from Saxo Markets.

“Now we’ve got a further than expected inflationary read in Australia. But at the end of the week, we get the Federal Reserve, which is the US central bank,” Amir said. “So, markets at the moment are in a bit of hunkering down mode.”