Andorra CPI Drops to 4.5% in September Amid Cooling Core Inflation

Andorra's consumer price index (CPI) fell to 4.5% year-on-year in September, a decline of three tenths from August's 4.8%, the Statistics Department reported Monday. The drop occurred despite steep increases in transport costs, offset by cooling in clothing and health prices.

Core inflation, stripping out unprocessed food and energy, slid a full percentage point to 2.7% from 3.7%. Clothing and footwear saw the sharpest slowdown, with annual growth easing to 0.5% from 7.1%, alongside a plunge in health costs to 0.1% from 2.8%, driven by cheaper pharmaceuticals.

Transport inflation accelerated, however, fueled by fuel and lubricants that rose 34.5% over the year—up from 25.4% in August and 6.4% in the month. This lifted the transport category to 12.1% annually from 9.5%, while energy prices overall climbed 24%. Food and non-alcoholic beverages added pressure, with annual food inflation edging up to 2.9% from 2.5%.

Monthly, prices increased 1% from August, below September 2025's 1.3% rise. The end of summer sales boosted clothing and footwear by 13%, the top factor, followed by transport at 2.1% and food and non-alcoholic beverages at 0.5%, led by legumes and vegetables.

Other categories showed mixed results: housing, water, electricity, gas and fuels stayed at 4.8%; furniture and household items fell 0.3%; fresh products rose 5.4%. The headline-core gap widened to 1.8 points. Through nine months of 2026, prices are up 4%.

Preliminary figures from neighbors show Spain's inflation at 4.9%, up six tenths from 4.3%, and France's at 3%, up from 2.4%. Both await final confirmation.