cost-of-living-index

Definition of Cost-of-living index

A cost-of-living index is an inflationary indicator that measures the relative cost of living over time or regions. Cost-of-living index also called as Consumer price-index assesses the changes in the cost of a fixed basket of products and services, including electricity, housing, food and transportation. The measurement of cost living-index is done monthly.

Books on Cost-of-living index

Book 1 –

The Theory of the Cost-of-Living Index By St. Louis Robert A. Pollak Professor of Economics Washington University (published by Oxford University Press, USA, 1989)

Book 2 –

At What Price?:: Conceptualizing and Measuring Cost-of-Living and Price Indexes By Committee on National Statistics, Panel on Conceptual, Measurement (published by National Academies Press, 2002)

How Cost-of-living index works?

For example, let’s say that London is the base (100), and New York (120) is the destination, then it is considered that London is 20% less expensive than New York. Calculating in the same process, if London is the base and the Budapest (80) is the destination, so the cost of living in Budapest is 80% of London’s.

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