Asia-Pacific markets mostly fell on Wednesday as investors parsed China's inflation data and awaited the Federal Reserve's interest rate decision.

Hong Kong Hang Seng index was 0.56% lower, and the mainland CSI 300 declined 0.78% after China's consumer prices edged up 0.7% from a year earlier, its highest level since February last year. The increase followed a 0.2% rise in October and matched the 0.7% gain expected in a Reuters poll of economists.

Factory-gate prices fell 2.2% in November from a year earlier, missing the forecast of a 2% decline and extending the deflationary stretch into its fourth year. That was compared with a 2.1% fall in October.

Over in Asia, Australia's S&P/ASX 200 was flat.

Japan's Nikkei 225 lost 0.22%, while the Topix was unchan

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