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What does cost-of-living mean?

Looking for the meaning or definition of the word cost-of-living? Here's what it means.

Adjective
  1. Describing an index or an increase in payment etc that is dependent upon the cost of living
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Examples
The formula is driven by monthly data from the cost-of-living index.
The best cost-of-living news of the past year is that double-digit inflation of 12 percent or higher was cut almost in half.
Meanwhile, further one-day walkouts in London over cost-of-living allowances could be staged if the Government refuses to give ground.
He was ready to tweak the cost-of-living formula for Social Security.
The first is its challenge to the view that a cost-of-living index should be the concept underlying the Consumer Price Index.
Copeland's approach to constructing the software component of the cost-of-living price index explicitly accounts for consumer heterogeneity.

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