DEFINITION of 'Monetary Union Index Of Consumer Prices - MUICP'
An average measure of inflation for all countries located in the Eurozone. It is a statistical indicator whose objective is to facilitate making comparisons of inflation between the European Union and other economies such as the U.S.
BREAKING DOWN 'Monetary Union Index Of Consumer Prices - MUICP'
MUICP is calculated by taking the weighted average of HICPs from each country within the Eurozone (this includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia and Spain). The weightings of each country are updated every year for the calculation of the MUICP, and they reflect expenditure on final private domestic consumption in Euros.