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English definition of “cost of living”

cost of living

noun [S]    
ECONOMICS the amount of money that people need to spend in order to buy basic goods or services such as food, clothes, and a place to live: The rising cost of living in the country has forced many people to take second jobs. an increase/fall in the cost of living a high/low cost of living
(Definition of cost of living noun from the Cambridge Business English Dictionary © Cambridge University Press)
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