After eight quarters at the top, India surrendered the No.1 spot in Nielsen’s global consumer confidence index to the Philippines in the June quarter, as costlier fuel, rising inflation and monsoon concerns depressed sentiment.

India slipped six index points to 128 in the second quarter fraom 134 in the preceding quarter.

India’s confidence score was behind the Philippines at 132 points but higher than the global consumer confidence score of 98, according to the online survey conducted by Nielsen.

One of the reasons for the caution is that nearly half of the respondents polled in India (49%) were still in the grip of recessionary sentiments, said the survey.

Job security and the state of the economy continued to be the top two concerns for Indians.