cost of living

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cost of living,

amount of money needed to buy the goods and services necessary to maintain a specified standard of livingstandard of living,
level of consumption that an individual, group, or nation has achieved. The evaluation of a standard of living is relative, depending upon the judgment of the observer as to what constitutes a high or a low scale.
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. The cost of living is closely tied to rates of inflationinflation,
in economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices. The U.S.
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 and deflation. In estimating such costs, food, clothing, rent, fuel, lighting, and furnishings as well as expenses for communication, education, recreation, transportation, and medical services are generally included. The Consumer Price Index (CPI), a measurement of the cost of living prepared by the U.S. Bureau of Labor Statistics, tracks changes in retail prices of an average "market basket." Changes are compared to prices in a previously selected base year, from which figures the percentage increase or decrease in the cost of living can be calculated. In addition to changes over time, such analyses must also consider regional variations in the cost of living, and the relative weighting of the components of the index must be reappraised periodically. The CPI is based the spending habits of 14,000 households that are considered representative of the U.S. urban and metropolitan population; data collectors collect and compile some 80,000 price quotes monthly. The first attempt to gather data on the cost of living in the United States was made by the Bureau of Labor Statistics in 1890. The dramatic increase in the rate of inflation during the 1970s led to the widespread use of cost-of-living adjustments (COLA) in wage agreements, real estate leases, and such government benefits as social security. These adjustments are often made using the CPI.

Bibliography

See bibliography under standard of livingstandard of living,
level of consumption that an individual, group, or nation has achieved. The evaluation of a standard of living is relative, depending upon the judgment of the observer as to what constitutes a high or a low scale.
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cost of living

1. 
a. the basic cost of the food, clothing, shelter, and fuel necessary to maintain life, esp at a standard regarded as basic or minimal
b. (as modifier): the cost-of-living index
2. the average expenditure of a person or family in a given period
References in periodicals archive ?
Halifax's research shines a light on just how many days of the month the average household must work in order to cover their living costs and have money left to do with as they wish.
The commitment of the department to annually review the living cost amount requirement came about after the Knight, in June 2011, raised concerns that then living cost amount requirement for Australian student visa applicants did not sufficiently prepare international students to the cost of goods and services in Australia.
For many parents, the big question is how to finance such a cost at a time when they need to take into account not just tuition fees but very significant living costs too.
This may mean that you don't need to take out a Living Cost Loan, or that you can manage with what you earn and an Assembly Learning Grant, if you are eligible.
He added that swelling living costs were burdening consumers
It said more than 80,000 people it had on debt management plans were having to commit a higher proportion of their disposable income to basic living costs.
Such living benefits, also known as "accelerated death benefits," fall into two categories: mortality benefits, or those associated with premature death (and the medical or living costs of terminally ill individuals), and morbidity benefits, those associated with various forms of disability (for example, accident and health benefits on the occurrence of specified diseases or conditions requiring long-term nursing care).
Alzheimer's Care: Supplemental Findings to the 2005 MetLife Market Surveys of Nursing Home/Home Care and Assisted Living Costs shows that 61% of assisted living facilities in the U.
YOUNG people are building up significant debts in order to pay for basic living costs, the chief executive of the Financial Conduct Authority has warned.
A shocking two-thirds of 18- to 24-year-olds are forced to borrow from friends and family to pay for basic living costs.
A commission chared by Archbishop of York Dr John Sentamu warned that spiralling living costs and stagnating wages were creating a "double squeeze" on the lowest paid.
Summary: Overwhelming optimism prevails among Arab youth, despite growing concerns about rising living costs and whether they will ever be able to own their own home, the findings of a youth survey show.