The objectives of the ECOICOP are to lay down a framework of homogeneous categories of goods and services, which are considered as a function or purpose of expenditure by households with the object of classifying transactions in relation to individual consumption, social transfers and households' real consumption.

ECOICOP-HICP is used in the Harmonised Index of Consumer Prices (HICP) following the rules set in Regulation (EC) 792/2016. According to Article 5(8), on 'Data requirements', Member States shall not be required to produce, either because they are not included in the household final monetary consumption expenditure or because the degree of methodological harmonisation is not yet sufficient, the following sub-indices of ECOICOP:
• 02.3 Narcotics;
• 09.4.3 Games of chance;
• 12.2 Prostitution;
• 12.5.1 Life insurance;
• 12.6.1 FISIM.

To facilitate further analysis of consumer price developments, over 30 special aggregates (groups of individual ECOICOPs) are available, such as Food, Services, Energy, Non-energy industrial goods, etc.