UK 10-Year Gilt Yields Rise to 5.0512% on July 22 Despite Cooling Inflation

According to Yonhapinfomax, UK 10-year gilt yields rose to 5.0512% on July 22, up 1.60 basis points from the previous close, while 2-year and 30-year yields increased 1.45bp and 0.60bp respectively.

The rise occurred despite June consumer price inflation cooling to 2.6% year-over-year, below market forecasts of 2.7%. Analysts attributed the gilts selloff to surging oil prices—Brent crude for September delivery topped $90 per barrel after a 15.91% weekly surge amid ongoing U.S.-Iran tensions—and concerns about Prime Minister Andy Burnham's fiscal expansion plans following his July 20 appointment.