The European Central Bank left interest rates at a record low today, holding off fresh action for now while it assesses whether it needs to respond to cost-of-living numbers weak enough to raise concerns about deflation.

The decision to hold the main rate at 0.25 percent, which was widely expected, came despite news earlier this week that euro zone inflation slowed to 0.8 percent in December - well below the ECB's target of just below 2 percent.