NEW YORK, Aug 26: US consumer confidence recovered far more than expected in August as worries over inflation eased, the Conference Board said on Tuesday.

The Conference Board said its index measuring consumers’ mood jumped to 56.9 this month from July’s 51.9, reaching the highest level since May.

That was well above economists’ expectations for a reading of 53.0, according to the median of their forecasts in a Reuters poll. The 79 forecasts ranged from 50.0 to 56.2.

The improvement in sentiment came during a month when oil prices retreated further from July’s record highs but consumers’ evaluation of their present situation and the job market deteriorated further.

The Conference Board, an industry group, said its gauge of inflation expectations fell to 6.7 per cent from July’s revised 7.5 per cent.—Reuters