US economy added fewer jobs than forecast in December, but January interest rate cut very unlikely – as it happened

Economists say fall in US unemployment rate last month means Federal Reserve likely to leave borrowing costs unchanged at this month's meeting

• US hiring held firm in December capping weakest year of growth since the pandemic

Falling food inflation could encourage central banks to keep cutting interest rates.

UK government bonds have rallied this week, partly due to predictions that weaker inflation could lead to more Bank of England interest rate cuts.

We've seen food inflation come down and when you think about the outlook for the year ahead we'd expect that to continue,"