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English definition of “cost of living index”

cost of living index

noun [C, usually singular]    
ECONOMICS a list of the prices of basic goods and services, showing how they change in a particular period of time, as a way of measuring inflation: The newspaper's own unofficial cost of living index shows that prices are rising much faster than has been officially stated. → See also consumer price index, retail price index
(Definition of cost of living index noun from the Cambridge Business English Dictionary © Cambridge University Press)
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