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NEW YORK, Dec 15 (Reuters) - The U.S. bond market's gauges on inflation expectations weakened to their lowest levels in more than a week as data showed consumer prices decelerated in November.
Traders also scaled back their bets on rising inflation on a drop in oil prices.
The government said the Consumer Price Index, its broadest inflation gauge, rose 0.2 percent last month, bringing its year-over-year increase to 1.7 percent.
In October, the CPI grew 0.4 percent for a year-over-year rise of 1.6 percent.
The 10-year inflation breakeven rate, or the yield difference between 10-year Treasury Inflation Protected Securities and regular 10-year Treasury notes , fell to 1.92 percent, which was the lowest since Dec. 5, shortly after the release of the November CPI report.
The 10-year breakeven rate was last 1.94 percent, down more than three basis points from late on Wednesday, Reuters and Tradeweb data showed.
The five-year breakeven rate fell earlier on Thursday to 1.76 percent, its lowest since Dec. 5, before retracing to 1.78 percent, down three basis points on the day.
Reporting by Richard Leong; Editing by Chizu Nomiyama and Lisa Von Ahn