Thanks for ‘splaining but I know what it means and how it’s used in the US. Though here on the other side of the pond, until very recently, we didn’t use such euphemisms. We just referred to various indexes produced by the Office of National Statistics such as RPI, CPI. Our media has recently adopted the silly euphemistic term and is currently shoving it down everyone’s throats. It’s a a nice redirection from the issue of companies raising prices and capitalism to “oh well it’s just the normal state of affairs of living”
Also, you really think people have to be from the US to understand such simple concepts?
Cost of Living is a standard used in the US, and it's not uncommon for annual raises to, at the very least, include a "cost of living" adjustment.