Gilt yields rose as expectations of fewer interest rate cuts intensified after the higher-than-expected UK inflation data, with headline inflation rising to an annual rate of 2.3 per cent in October from 1.7 per cent in September, above the consensus forecast of 2.2 per cent among economists polled by the Wall Street Journal. Richard Flacks, chief investment officer at Moneyfarm, said in a note: "This rise in inflation reduces the likelihood of a rate cut in December as policymakers remain cautious." According to the London Stock Exchange Group, the market expects a 16% chance of the Bank of England cutting interest rates in December. The yield on 10-year gilts rose 5 basis points to 4.485%, according to trading platform Tradeweb. The yield on 2-year gilts climbed 4 basis points to 4.451%. (Golden Ten)