cost of living

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Cost of Living

The amount one must pay to maintain one's standard of living. That is, the cost of living measures how much one must spend to finance one's lifestyle. Cost of living varies by area; it may be lower in a small city, for example, than in a large city. Changes to the cost of living are related to, but are distinct from, underlying inflation. For example, gasoline prices may rise faster than inflation, which may increase the cost of living more than inflation itself does.

cost of living

the general level of prices of goods and services measured in terms of a PRICE INDEX. To protect people's living standards from being eroded by price increases (INFLATION), wage contracts and old-age pensions, etc., sometimes contain cost-of-living adjustment provisions that automatically operate to increase wages, pensions, etc., in proportion to price increases. See INDEXATION.
References in periodicals archive ?
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.
The Assembly Learning Grant for Higher Education is a non-repayable grant, to help you with general living costs such as accommodation and travel.
She added: "We are grateful to any members of the public who offer support towards the refugees' living costs which will be on top of what the university will be providing in education, accommodation and further living costs.
North East digital entrepreneurs are being encouraged to apply for a fellowship which offers funding towards living costs, mentoring and support.
The charity said 20% of households currently bring in less than PS423 a week and its calculations showed that - after covering basic living costs - a family of four on this income could not afford a seaside trip in any location surveyed.
They have been hit hard by a toxic mix of rising living costs and working and non-working benefits cuts.
The Centre For Research On Social Policy has a working paper which calculates the minimum living costs and applies these to the agreed minimum living standard for various family groups.
The project will cover the families and needy categories to alleviate difficulties of living costs.
2, has no personal or corporate income tax, and living costs are low.
In Britain, many poor families spend their Child Benefit on other basic living costs.
Perhaps surprisingly, it found that Germany scored lowest for international students with combined annual tuition and living costs of just US$6,285.