What is meaning of Cost of Living?

Answer 1

Relationship of the retail cost of consumer goods and services to the purchasing power of wages.
http://www.sfn.saskatoon.sk.ca/business/sdlc/cd.html

The average cost of a variety of expenses for living such as rent, transportation, insurance, utilities, etc.
http://www.ag.arizona.edu/fcs/clubs/cwc/resources/glossary.htm

The level of prices of goods and services required for a reasonable standard of living.
http://www.comerica.com/vgn-ext-templating/v/index.jsp

An index of the overall cost of living for an area, where 100 equals the national average. It takes into account housing, food and groceries, transportation, utilities, health care, and miscellaneous expenses such as clothing, services, and entertainment. State and local taxes are not included.
http://www.internest.com/sterlinghomes/sterlinghomes5331.asp

Average cost of basic necessities of life (as food and shelter and clothing); "a rise in the cost of living reflects the rate of inflation"
http://www.wordnet.princeton.edu/perl/webwn

Answer 2

The expanses one make to meet his living e.g. food, clothing, traveling, housing etc. called Cost of Living.