cost of living
The Columbia Encyclopedia, Sixth Edition | Date: 2008
cost of living amount of money needed to buy the goods and services necessary to maintain a specified standard of living . The cost of living is closely tied to rates of inflation 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 on prices from more than 55,000 households in 85 regions of the United States and compiles and reports the information of 100,000 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 living.
Author not available, COST OF LIVING.,
The Columbia Encyclopedia, Sixth Edition 2008
The Columbia Encyclopedia, Sixth Edition. Copyright 2008 Columbia University Press
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Cost of living
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Related entries from encyclopedias, dictionaries, and thesauruses
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cost of living
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cost of liv·ing • n. the level of prices relating to a range of everyday items.
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living wage
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standard of living
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... achieved. The evaluation of a standard of living is relative, depending upon the judgment ... A relative index to the standard of living of a certain economic group can be gathered from a comparison of the cost of living and the wage scale or personal income ... income are important, but standard of ...
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Integration at What Cost?
American Decades
INTEGRATION AT WHAT COST? The Breakthrough On 9 April 1947 the Brooklyn Dodgers became the first modern team in Major League Baseball to employ a black ... into American institutions. Paul Robeson, a former black college football and track star for Rutgers and in 1950 an actor living in Europe, had denounced the ...
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soar
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... wings or using engine power: the gulls soared on the summery winds. ∎ increase rapidly above the usual level: the cost of living continued to soar | [as adj. ] ( soaring ) the soaring crime rate. DERIVATIVES: soar·er n. soar·ing·ly adv ...
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