When we say the cost of living has gone down, we mean that, looking broadly over a range of goods and services:

Name: When we say the cost of living has gone down, we mean that, looking broadly over a range of goods and services:
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If the cost of living has gone down, it means that a dollar buys more today than it used to buy across a range of goods and services. This could be due to factors such as increased competition, improvements in technology, or a decrease in demand.

When We Say the Cost of Living Has Gone Down