Cost of living

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The cost of living is the cost of maintaining a certain standard of living for an individual or a household. Changes in the cost of living over time can be measured in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in the cost of living between locations can be measured in terms of purchasing power parity rates. A sharp rise in the cost of living can trigger a cost of living crisis,^[1] where purchasing power is lost and, for some people, their previous lifestyle is no longer affordable.

The link between income and health is well-established.^[2] People who are facing poverty are less likely to seek regular and professional medical advice, receive dental care, or resolve health issues. The cost of prescription medicine is often cited as a metric in cost of living research and consumer price indices.^[3] Cost of living pressures may lead to household energy insecurity or fuel poverty as well as housing stress.^[2]