Andorra Inflation Hits 4.8% in April 2026, Highest in Two Years

Andorra's annual inflation rate climbed to 4.8% in April 2026, the highest in two years and up from 4.1% in March, driven by sharp fuel price increases tied to the Middle East conflict, according to final Consumer Price Index figures from the Statistics Department. The headline rate marked a 0.1-point drop from the initial flash estimate of 4.9%.

A 1.1% monthly rise fueled the acceleration, with transport costs jumping 4.46% and adding 0.69 points to the overall index, mainly from surging petroleum products. Monthly fuel hikes included heating diesel for shops at 17.2%, home heating diesel at 16.8%, automotive diesel at 16%, premium diesel at 15.7%, 95-octane unleaded petrol at 10%, and 98-octane at 9.6%. Year-on-year, petroleum products rose 32.8%, more than double March's 13% increase, with heating diesel leading at 6.7%, followed by 95-octane petrol and automotive diesel at 47-48.7% and 42-43.3% respectively. Transport posted the steepest annual gain at 11.8%, up 6.1 points from March.

Food and non-alcoholic beverages rose 0.82% monthly and 3.2% annually, pressured by higher legume and vegetable prices. Housing, water, electricity, gas and other fuels increased 0.87% monthly due to rental costs, though the annual rate eased to 4.7%. Core inflation, excluding fresh food and energy, eased to 3.1% from 3.6%. Cumulative inflation through April reached 3.3%, well above Spain's provisional 3.2% (with a 0.2% monthly drop) and France's 2.2% (despite a sharp energy-led monthly rise exceeding Andorra's).

Imports expanded 12.6% year-on-year to €166.75 million (13.4% excluding energy), led by transport up 29.3% to €36.46 million and construction up 53.9% to €12.82 million. Jewellery rose 33.1%, industrial products 26.4%, and other goods 14.2%, while pharmacy and perfumery fell 8.8%, clothing and footwear 8.9%, and electronics 3.7%. Year-to-date imports totalled €645.06 million, up 3.6%, with jewellery (+69.7%) and construction (+31.4%) strongest; energy imports dropped 21.4%. Fuel volumes declined 15.2% to 11.14 million litres, including a 39.7% annual drop in domestic fuel.

Exports surged 41% to €20.99 million, powered by transport (+182.9% to €8.39 million), electronics (+16.1%), food (+41.7%) and construction (+27.4%). Year-to-date exports hit €68.31 million, up 9.1%. Seasonally adjusted, imports grew 1.3% monthly while exports fell 0.2%.