Wall Street surges and dollar tumbles as US inflation rate drops to 7.7% – as it happened

Dollar slides and stocks rally in New York on hopes that the Federal Reserve will slow its interest rate rises

• US annual inflation rate cools slightly to 7.7% in October

The cost of living crisis is driving UK food banks to breaking point" with almost 1.3m emergency parcels given to people over just six months.

The Trussell Trust charity has said families face record-breaking levels of need, with one in five individuals referred to its network now coming from working households.