Cost of living

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]

1. ↑ "Cost of living". Britannica Money. The Editors of Encyclopedia Britannica. 2024-06-20. Retrieved 2024-06-28.
2. ↑ ^{2.0 2.1} Broadbent, Philip; Thomson, Rachel; Kopasker, Daniel; McCartney, Gerry; Meier, Petra; Richiardi, Matteo; McKee, Martin; Katikireddi, Srinivasa Vittal (2023-04-27). "The public health implications of the cost-of-living crisis: outlining mechanisms and modelling consequences". The Lancet Regional Health - Europe. 27: 100585. doi:10.1016/j.lanepe.2023.100585. ISSN 2666-7762. PMC 10068020. PMID 37035237.{{cite journal}}: CS1 maint: PMC format (link)

This short article can be made longer. You can help Wikipedia by adding to it.