U.S. producer prices, as driven by an increase in food costs, rose faster than expected in April, according to a Labor Department report released on Thursday. The Labor Department report showed that the Producer Price Index (PPI) climbed 0.3 percent after declining 1.2 percent in March. Food prices rose 1.5 percent in April, which the biggest increase since January 2008. Food costs rose on a record jump in egg prices, along with soaring prices for vegetables and meat. Without the price push from food, the PPI would have increased just 0.1 percent. In comparison to the same period last year, prices received by producers fell by 3.7 percent, the biggest decline since January 1950. Core producer prices, excluding food and energy costs, rose 0.1 percent in April, matching market expectations. The core PPI was unchanged in March. Compared to the same period a year ago, core producer prices were up 3.4 percent. Energy prices fell 0.1 percent in April versus a 5.5 percent decline in March. Gasoline prices edged up 2.6 percent in April and natural gas for individual homes fell 6.2 percent
