U.S. TIPS breakeven rates rise even as import prices fall

* Rising oil, stock prices lift inflation outlook

* Ten-year breakeven rate touches highest in two months

* Five-year breakeven rate hit highest since early December (Updates market action, adds graphic)

NEW YORK, Feb 15 (Reuters) - The U.S. bond market's barometers on investors' inflation expectations rose on Friday as traders brushed off data that showed the cost of imported goods into the United States declined for a third consecutive month in January.

The Labor Department said import prices decreased 0.5 percent last month, bringing the steepest annual drop in nearly 2-1/2 years. This reinforced the view that domestic inflation remains tame.

At 9:25 a.m. EST (1425 GMT), the yield spread between 10-year Treasury Inflation Protected Securities and regular 10-year Treasuries was 1.873 percent, 1.5 basis points higher than late on Thursday, according to Tradeweb data.

Earlier Friday, the 10-year TIPS breakeven rate flirted with 1.88 percent, its highest since Dec (Shanghai: 600875.SS - news) . 11.

The five-year TIPS breakeven rate was up 2.65 basis points at 1.793 percent, which was a tad below its highest level since Dec. 3.

TIPS breakeven rates have risen this week as inflation expectations improved on higher oil prices and gains on Wall Street.

(Reporting by Richard Leong Editing by Chizu Nomiyama)