cost of living

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The first step toward major reform that originated from the ACSL was a reweighting of the cost-of-living index in 1935 on the basis of an analysis by Margaret Hogg, a British academic assigned by the ACSL to help revise the index.
The Bureau of Labor Statistics did not scrap the existing CPI when it decided to use the cost-of-living index as a benchmark.
There is widespread agreement on this issue and, as noted earlier; the BLS has long recognized that if the CPI is to be modeled after a true cost-of-living index, substitution bias has to be addressed.
If these and similar defects in the CPI as a cost-of-living index remain uncorrected, they will cause us to continue to exaggerate inflation by 30% a year.
The theory of the cost-of-living index applies directly to the measurement of consumption prices, such as the price index for the personal consumption expenditures (PCE) component of gross domestic product (GDP).
Diewert, "The Theory of the Cost-of-Living Index and the Measurement of Welfare Changes," in W.
On the recommendation that the Bureau of Labor Statistics adopt production of a cost-of-living index as its objective in measuring consumer prices: "The BLS already operates within a cost-of-living framework in producing the Consumer Price Index (CPI) and will continue to do so.
Also, consider adjusting the outsourcing fee according to the cost-of-living index.
However, the CPI has not attempted to estimate the effect of the introduction of new goods, despite the recognition of their potential importance in a cost-of-living index.
A considerable professional consensus already exists for at least two actions that would almost surely bring the CPI into closer alignment with a true cost-of-living index.
In fact, Arrow states that "there should be a separate cost-of-living index number for each income level.