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 ?
sg has highlighted increases in Student Visa Living Costs, which are offset by transport concessions in some Australian states.
With inflation creeping down towards target, students and parents alike will be hoping that this eventually filters down to their 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.
A CCCS spokeswoman added: "We are expecting more people to have to opt for insolvency because of the pressure on them from increasing living costs.
We should not think this is reckless borrowing, this is directed at essential living costs.
We should all be concerned that so many young people are finding themselves having to borrow money to meet basic living costs.
Low paid workers are being squeezed from both sides as sharp rises in living costs are compounded by stagnating wages.
MOST young people who are putting cash aside to buy their own home end up taking around a third of their money back out of their savings to cover their living costs, a study has found.
There is also the not inconsiderable matter of living costs, which cover things like accommodation, food and travel expenses.
A further 30 per cent said an increase of less than pounds 100 a month to their living costs would be enough to tip them over the edge.
Benjamin and his family have now launched a fundraising campaign to ensure that he can cover his term-time living costs in London, which could run to a minimum of pounds 10,500 a year.
The amount people spend on bills and living costs has soared from an average of pounds 945 in 2006 to pounds 1,281 now, according to insurer Combined Insurance.