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The cost of living is the average monetary costs of the goods and services required to maintain a particular standard of living. It is closely related to the CPI. In fact, in order to keep up with inflation, the Social Security Administration calculates automatic cost of living adjustments to Social Security benefits based on annual percentage increases in the CPI. As you can imagine, the cost of living varies greatly by state and city. For example, the cost of living in New York City or San Francisco is much higher than in Topeka, Kansas, or Charlotte, North Carolina. Why do you think this is? What factors account for the differences?
For more information about the cost of living, visit these links:
• U.S Department of Labor’s CPI Page : This site offers a wealth of information, statistics, and tables related to the consumer price index (CPI). http://www.bls.gov/cpi