Andorra Inflation Hits 4.8% in April 2026, Highest in Two Years Driven by Surging Fuel Costs

Andorra's annual inflation rate climbed to 4.8% in April 2026, the highest in two years and up from 4.1% in March, based on final Consumer Price Index figures from the Statistics Department. The data marked a 0.1-point downward revision from the flash estimate and far exceeded Spain's 3.2% and France's 2.2%.

A 1.1% monthly price rise underpinned the increase, with transport costs jumping 4.46% and adding 0.69 points to the total, mainly from fuel surges. Heating diesel for shops rose 17.2% monthly, home-delivered heating diesel 16.8%, standard automotive diesel 16%, premium automotive diesel 15.7%, 95-octane unleaded petrol 10%, and 98-octane unleaded 9.6%. Year-on-year gains were steeper: heating diesels 47-48.7%, automotive diesels 42-43.3%, and unleaded petrol 19.3-20.3%. Year-to-date through April, automotive diesels gained 10-10.5% and unleaded petrol 1.8-1.9%, while over 12 months petrol edged down 3.7-3.8% but heating diesels rose 1.7-2%. Petroleum products overall hit 32.8% year-on-year, up from 13%.

Food and non-alcoholic beverages added pressure via legumes and vegetables, while housing, water, electricity, gas and other fuels saw rental-driven gains of 0.87% monthly. 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 1.5% and France's 2.3%. Spain recorded a 0.2% monthly drop, while France's energy costs fueled a larger monthly rise than Andorra's.

Transport led annual pressures at 11.8%, followed by food and non-alcoholic beverages at 3.2%. Moderating factors included miscellaneous goods and services, down to 3.3% due to lower transport insurance, and housing at 4.7%.

Trade remained strong despite lower fuel volumes. Imports rose 12.6% year-on-year to €166.75 million (13.4% excluding energy), led by transport (+29.3% to €36.46 million), construction (+53.9% to €12.82 million), industrial products (+26.4%), jewellery (+33.1%) and others (+14.2%). Declines hit pharmacy and perfumery (-8.8%), clothing and footwear (-8.9%), and electronics (-3.7%). Year-to-date imports totalled €645.06-645.07 million (+3.6%), with jewellery (+69.7%), construction (+31.4%) and others (+24.8%) strongest; energy fell 21.4%. Over 12 months, imports reached €2.019-2.020 billion (+8%).

Fuel imports dropped 15.2% year-on-year to 11.14 million litres and 32.2% from March, with domestic fuel down 39.7% annually and 65.5% monthly, unleaded petrol -8.3% to 2.9 million litres, and automotive diesel -5.8% to 6.14 million litres. Year-to-date fuel imports fell 3.8% to 57.97 million litres (domestic fuel up 2.2%); over 12 months, down 1.5% to 161.72 million litres.

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%) also rose, offset by pharmacy (-47.8%), clothing (-9.3%) and others (-9.4%). Cumulative exports through April hit €68.31 million (+9.1%), with jewellery (+116.7%) and transport (+21.2%) leading; over 12 months, €202.91 million (+6.7%). Seasonally adjusted, imports grew 1.3% monthly, exports fell 0.2%.