cost of living


Also found in: Dictionary, Thesaurus, Legal, Financial, Acronyms, Wikipedia.

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.
..... Click the link for more information.
. 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.
..... Click the link for more information.
 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.
..... Click the link for more information.
.

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 ?
Rabia Yasmeen, senior analyst at Euromonitor International told Gulf News that "a lot of factors" play a role in determining the cost of living in different cities.
The cities, which were selected because they had the greatest demand for tech workers, were then ranked according to cost of living, the number of open tech positions, and projected job growth in the near and midterm, according to the study.
They believe that, going forward, VAT will not have a big impact on the UAE's cost of living because the recent measures announced by the UAE government such as freezing and reducing certain fees across different sectors of the economy will have a much bigger and positive effect on the finances of UAE residents.
Mercer's survey, designed to show the cost of living for expatriates, takes into account housing as well as a 200-strong 'international basket of goods and services' including transportation, food, clothing and entertainment.
Figures show that Greece, Slovakia and Czech Republic top the chart with affordable property prices, cost of living and childcare fees.
The Cost of Living Committee has recommended the price hike to the Consumer Affairs Authority (CAA), which said the Gazette notification will be issued today.
Figures for Huddersfield showed a comparatively low average monthly salary of PS424 but a comparatively high average monthly mortgage repayment of PS813 - giving it an unfavourable cost of living rating.
Cost of living topped the list at 35 per cent, unemployment at 20 and hunger at 14.
The Worldwide Cost of Living report released earlier this week ranked Karachi as the sixth cheapest city in the world of a total 133 cities.
Summary: A new survey showed Beirut ranks as the world's eighth most expensive city in terms of the high cost of living for expatriates.
(Shutterstock) DUBAI: UAE's Dubai topped the list of most expensive Arab cities in the world with a cost-of-living index of 72.58, according to the 2018 Cost of Living index.
The cost of living in Kyrgyzstan on the results of 2017 in average made 4 thousand 979 soms,Kabarwith reference to the Kyrgyz National Statistics Committee (NSC) reported.