(Recasts, updates yields, adds bond auction results) By Ross Kerber and Karen Pierog Nov 10 (Reuters) - U.S. Treasury debt yields shot higher on Wednesday as the market was battered by the biggest annual gain in U.S. consumer prices in 31 years and a weak 30-year bond auction. But "real" yields on Treasury Inflation-Protected Securities (TIPS) fell to record lows after the latest consumer price data reinforced inflation concerns and flattened a closely watched part of the yield curve. The yield on 10-year TIPS dipped as low as -1.243% and the yield on 30-year TIPS went as low as -0.608%, both records, in morning trading then drifted higher later in the session. Inflation expectations soared, with the five-year breakeven inflation rate reaching a record-high 3.113% and the 10-year breakeven rate rising to 2.72%, the highest since May 2006. The moves came after higher-than-expected consumer price inflation, which could lead the Federal reserve to tighten monetary policy. A report from the U.S. Labor Department showed prices increased more than expected in October as the cost of gasoline and food surged, leading to the biggest annual gain since 1990. "The market has to do a one-time adjustment on inflation expectations and that"s why you get a day like today," said Gary Pzegeo, head of fixed income for CIBC Private Wealth. Meanwhile, the U.S. Treasury"s $25 billion auction of 30-year bonds had a poor showing, according to analysts, pushing yields on the long end of the curve to session highs. The bonds were sold with a high yield of 1.940% and below-average demand at a bid-to-cover ratio of 2.20. The benchmark 10-year yield, which jumped as high as 1.592%, was last up 10.4 basis points at 1.5528%. The 30-year yield, which hit 1.988% following the auction, was last 9.7 basis points higher at 1.9177%. The inversion on the longest end of the curve that began late last month continued with the 20-year yield at 1.9636%. On the shorter end of the curve, the two-year yield