Australian shares inched lower on Friday, with miners leading the fall, as investors worried about rebounding US inflation despite softer-than-expected producer prices data.

The S&P/ASX 200 index fell 0.3% to 7,787.40 by 0050 GMT, extending its decline to a second session. Data released on Thursday showed that the US producer price index (PPI) rose 0.2% month-on-month in March, compared with an 0.3% increase expected by economists polled by Reuters.

The PPI report followed a stronger-than-expected consumer prices index (CPI) reading released on Wednesday. The CPI report has raised doubt over the Federal Reserve’s ability to lower interest rates this year.

In Sydney, miners fell as much 1%. Heavyweight miners Rio Tinto, BHP Group and Fortescue declined between 0.7% and 1.4%.

However, the sub-index was on track for its best week since late January. Rate-sensitive financials fell as much as 0.5% on Friday, hitting their lowest since March 15. The three of the “Big Four” banks shed between 0.03% and 0.4%, while Westpac Banking was up 0.1%. Energy stocks fell as much as 1.1%.

For the week, the sub-index was down 1.3%, on track for its worst week in eight.

Sector major Woodside Energy and Santos dropped as much as 1.6% and 1.4%, respectively, on Friday.

Australian shares tick higher as banks gain

Meanwhile, gold stocks climbed as much as 1.4% to hit their highest since Jan. 6, 2021, driven by rising bullion prices. Gold miner Northern Star Resources rose as much as 0.9% to A$15.49, its highest since Nov.10, 2020.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.7% to 11,854.54.

Next week, market participants will focus on the country’s March-quarter consumer price index data due on Wednesday. Analysts at ANZ Research expect the index to rise 0.6% from the previous quarter.