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He has been living here for longer than three years.

He has been living here for a time longer than three years.

I couldn't understand the phrase '' for longer than three years''. Should I use any noun in this phrase like; for a time longer than three years? I wonder if ''time'' is dropped so that it doesn't make the sentence wordy or using time make it more grammatical? I mean when I ask myself what is longer than three years , I answer that time or something like that is longer than three years.

The second example;

Prices are on the peak of the (period) longer than three years.

I mean prices are in the highest level and it has been longer than three years since prices reached to this this level.Should I use period in this sentence.

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    For your first example, you don't need anything like "a period [of time]". See this chart showing that He's been living here [for] more than three years is much more common than longer than (and for is optional; probably better left out). Your second example is incomprehensible to me until I read the final paragraph "explaining" it, but there's a common idiomatic usage here: Prices are at a three-year peak. Commented Oct 15, 2021 at 11:38

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"Longer than" can equally refer to length or time, and it does not need to be made any more explicit than by saying what the comparison is to.

For your price example you might want something like "prices have been near their peak for longer than three years".

While "peak" strictly refers to a mountain top, it is often used for the maximum of other things besides height. Once again context makes it clear what is referred to.

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On your first pair, you don't need "time" or anything like that because it is implied. As @Peter notes, it could be time or length but, once you add "years" it has to be time.

For your question at the end, your quoted example is not comprehensible with or without the word "period". In your explanation you say:

I mean prices are in the highest level and it has been longer than three years since prices reached to this this level.Should I use period in this sentence.

Then just say "Prices are at the highest level in three years."

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