LONDON, May 24 (Reuters) - British government bond yields jumped on Wednesday after data showed the country's high inflation rate fell by less than expected and a measure of core inflation rose, adding to bets on further Bank of England interest rate hikes.

The yields on two- and five-year gilts were up about 20 basis points at 0710 GMT, hitting their highest levels since October last year when British financial markets were in turmoil after former Prime Minister Liz Truss's "mini-budget."

Investors put a 100% probability on the BoE raising Bank Rate by a further 25 basis points next month, taking it to 4.75%, up from 83% on Tuesday. They were also fully pricing in Bank Rate hitting 5.25% by the end of 2023.

(Writing by William Schomberg)