Is that a Brit figure of speech that I don't know? Or should the phrase be "a collapsing standard of living"?
Or perhaps the tyranny of a copy editor would violate the spirit of Freedom's "Anarchist press, bookstore and news"? ;)
But you are right that it should've been "standard" instead of "cost" there. People sometimes conflate "cost of living" with "standard of living", especially if they're not native English speakers. A small issue, I'd say, in a world where English is a minority language.
OTOH - having the exact opposite meaning, in the opening sentence, is getting into real "why should a human bother reading this?" territory.
But I take your point though.