U.S. producer prices rose by less than expected in May despite a jump in gasoline costs, government data on Tuesday showed, while prices compared with a year ago notched their steepest falls since 1949.

The Labor Department said the seasonally adjusted index for prices paid at the farm and factory gate increased by 0.2 percent versus a 0.3 percent April rise.

Analysts polled by Reuters had expected producer prices to be 0.6 percent higher last month.

(Reporting by Alister Bull; Editing by Chizu Nomiyama )