From 2026 onwards, the updated European Classification of Individual Consumption According to Purpose (ECOICOP) ver. 2, will be introduced across the European Union, including Latvia. It will replace the existing classification applied since 2015, providing a more accurate reflection of contemporary consumption patterns and changes in the market. Changes in consumer prices using the new classification will be applied starting with January data, which will be published on 11 February. What is…
From 2026 onwards, the updated European Classification of Individual Consumption According to Purpose (ECOICOP) ver. 2, will be introduced across the European Union, including Latvia. It will replace the existing classification applied since 2015, providing a more accurate reflection of contemporary consumption patterns and changes in the market. Changes in consumer prices using the new classification will be applied starting with January data, which will be published on 11 February. What is ECOICOP and why is it being revised? ECOICOP is a classification that structures household expenditure – such as food, housing, transport, communication, health, etc. It is used in the calculation of the Consumer Price Index (CPI) and the Harmonised…
