living standard
US /ˈlɪv.ɪŋ ˌstæn.dərd/
UK /ˈlɪv.ɪŋ ˌstæn.dərd/
1.
the degree of wealth and material comfort available to a person or community
:
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The country has seen a significant improvement in its living standard over the past decade.
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Rising inflation can negatively impact the living standard of many families.