U.S. consumer prices rose at a slower-than-expected pace in May despite higher gasoline costs, and fell over the past 12 months by the most since 1950, according to government data on Wednesday.

The Labor Department said its closely watched Consumer Price Index edged up 0.1 percent after being flat in April, below market expectations for a 0.3 percent increase. Compared to the same period last year, consumer prices fell 1.3 percent, the largest decline since April 1950.

(Reporting by Lucia Mutikani, Editing by Chizu Nomiyama)