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.

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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 ?
* For each county, standards are calculated for eight living costs and two household structures.
Halifax, part of the British government backed financial services provider Lloyds Banking Group, on Wednesday revealed that 22 May is the day when the average UK household has worked enough days to pay off their main living costs.
The Assembly Learning Grant for Higher Education is a non-repayable grant, to help you with general living costs such as accommodation and travel.
"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.
“Adjusting the living cost amount to align with the CPI supports the government's objective of ensuring that Student visa applicants are financially prepared to live and study in Australia for the duration of their visa,” DIAC, said in a statement.
The report on consumer prices and living cost has been prepared for the Confederation of Independent Syndicates in Bulgaria, KNSB.
Salaries must be augmented with the mounting in living cost. Either government should provide accommodation to the employees or the house rent allowance should be tripled.
"This support will ensure students have enough money to meet their day to day living costs - a position supported by the National Union of Students in Wales."
Barry says it's an expensive business going to university, as even with his help with living costs, his grandchildren ran up debts from their tuition fees.
'The government is actively managing living costs pressure faced by people.
This was followed by the South East and the East of England, where average annual living costs are around PS11,000, and Scotland where the figure is PS10,600.
Through a mixture of grants and loans students are eligible for a maximum of up to PS11,250 a year towards living costs if they live away from home and study in London, and PS9,000 per year in the rest of the UK.