The latest inflation figures offer no joy – except to the gas producers whose windfall profits remain largely untouched

‘Gas is a significant generator of Australia’s electricity, but it is also among the most expensive,’ writes Greg Jericho. Photograph: Bloomberg/Getty Images

The latest inflation figures showed a jump in the growth of average prices from 3.6% to 3.8%. But they also indicate just how much our economy is caught up in the ramifications of Russia’s illegal invasion of Ukraine, which sent gas prices higher – and with it our electricity prices.

The October consumer price index figures were a turning point for data in Australia. It marks the change of the official CPI figures going from quarterly to monthly. This is pretty much the biggest data shift since the labour force figures back in 1978 did the same switch from quarterly to monthly.