Cost of living slashed (4)
I believe the answer is:
rent
This could be a double definition.
'cost of living' is the first definition.
'rent' can be an answer for 'cost' (rent is a kind of cost). I am not sure about the 'of living' bit.
'slashed' is the second definition.
(I've seen this before)
Can you help me to learn more?
(Other definitions for rent that I've seen before include "money demanded by letter" , "Split - lease" , "Torn, due to landlord" , "Tenant's payment" , "Landlord's due - that's torn it" .)