Define cost of living and how cost of living is calculated
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Agencies calculate the cost of living by finding prices for a representative sample of goods and services that are necessary for maintaining an average lifestyle. They then take into account how much of a person's budget would be consumed by the item in a year.
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Agencies calculate the cost of living by finding prices for a representative sample of goods and services that are necessary for maintaining an average lifestyle. They then take into account how much of a person's budget would be consumed by the item in a year.
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