The Australian share market has closed slightly higher, pushed upwards by a better than expected underlying inflation print.

At the close on Wednesday, the benchmark S&P/ASX200 index was 5.6 points, or 0.1 per cent, higher at 5,552.8, while the broader All Ordinaries index was up 5.1 points, or 0.9 per cent, at 5,516.6, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 12 points higher at 5,503, with 23,118 contracts traded.