/ ɒˈsterəti; NAmE ; AmE and BrE also ɔːˈster-/ noun ( pl. -ies )
1.
[ U ] a situation when people do not have much money to spend because there are bad economic conditions :
War was followed by many years of austerity.
2.
[ U ] the quality of being austere :
the austerity of the monks' life
3.
[ C , usually pl. ] something that is part of an austere way of life :
the austerities of wartime Europe
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WORD ORIGIN
late Middle English : from French austérité , from Latin austeritas , from austerus , from Greek austēros severe.