The minimum standard of living is calculated as the cost of the nominal consumer basket - basic foodstuffs (bread, vegetables, fruits, sugar, salt, tea, meat, fish, milk and butter), as well as non-food services, including housing and utility bills. Three types of living wages exist: for adults, children, and working-age pensioners. In its decisions, the Government of the Russian Federation approved the quarterly minimum standard of living based on these price trends. Other factors, such as the economy, population, and society, affect the minimum standard of living as well as seasonal fluctuations in food prices. Among the goods in the consumer basket.

The cost of living is a term used to measure the relative expense of a certain lifestyle in a country or region. When using this calculation, it is essential to take into consideration the purchase of basic necessities including food, clothing, and housing. In some regions, purchasing these necessities will be more expensive than in others because there are higher prices for the same items. In some cases, this may be due to limited access to goods or service providers who offer competitive pricing.

The cost of living, as the term itself implies, reflects the cost of buying basic needs and paying for basic utlities. Basic needs like food, clothing and housing are factored in, along with other importance necessities that allow one to have a decent standard of living. The cost of living in some countries may be higher than in others due to higher prices, lack of supply of certain goods and services, as well as factors relating to the economy and society in general.