Cost of living is the amount of money it costs just to live in a certain place. It is measured using a list of things people need, like food and housing. Governments measure cost of living to give welfare (money or benefits for poor people) and to set minimum wage.[1]
When the cost of living is higher than people can pay, a cost of living crisis happens. Causes for a cost of living crisis can be poverty, people making less money due to inflation, increased cost of needed items, and problems with the economy.[2] This crisis can cause health effects right away and in the future.[2]
↑"Cost of living". Britannica Money. The Editors of Encyclopedia Britannica. 2024-06-20. Retrieved 2024-06-28.
