Meaning of the word "cost of living" in English

What does "cost of living" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

cost of living

US /ˌkɔst əv ˈlɪvɪŋ/
UK /ˌkɒst əv ˈlɪvɪŋ/

Noun

the level of prices relating to a range of everyday items and services that a typical household needs to buy

Example:
The cost of living has increased significantly this year.
Many people are struggling with the rising cost of living.