Value of 1956 Euro (Italy) today

€20,000 in 1956
€661,774.43 in 2024

The inflation rate in Italy between 1956 and today has been 3,208.87%, which translates into a total increase of €641,774.43. This means that 20,000 euro in 1956 are equivalent to 661,774.43 euro in 2024. In other words, the purchasing power of €20,000 in 1956 equals €661,774.43 today. The average annual inflation rate between these periods has been 5.28%.

Inflation timeline in Italy (1956 - 2024)

The following chart depicts the equivalence of €20,000 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (EUR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1956-2023 3,190.68%
Cumulative inflation 1956-today 3,208.87%
Avg. Annual inflation 1956-2023 5.35%
CPI 1956 3.63
CPI 2023 119.61
CPI 2024-02 (latest official data) 120.2
CPI today 120.27

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1956 and 2023, use the corresponding CPI values:

Value2023
=Value1956 ×
CPI2023/CPI1956
=€ 20,000 ×
119.61/3.63
€658,135.89

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 120.27:

Valuetoday
=Value1956 ×
CPItoday/CPI1956
=€ 20,000 ×
120.27/3.63
€661,774.43

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are €20,000 worth today. There are 67 years between 1956 and 2023 and the average inflation rate was 5.3528%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=€20,000 × (1 + 0.053528)67
€658,135.89

Italy inflation - Conversion table

Initial Value Equivalent value
€1 euro in 1956 €32.91 euro in 2023
€5 euro in 1956 €164.53 euro in 2023
€10 euro in 1956 €329.07 euro in 2023
€50 euro in 1956 €1,645.34 euro in 2023
€100 euro in 1956 €3,290.68 euro in 2023
€500 euro in 1956 €16,453.4 euro in 2023
€1,000 euro in 1956 €32,906.79 euro in 2023
€5,000 euro in 1956 €164,533.97 euro in 2023
€10,000 euro in 1956 €329,067.94 euro in 2023
€50,000 euro in 1956 €1,645,339.72 euro in 2023
€100,000 euro in 1956 €3,290,679.44 euro in 2023
€500,000 euro in 1956 €16,453,397.2 euro in 2023
€1,000,000 euro in 1956 €32,906,794.4 euro in 2023
Cumulative inflation From 1956 3,208.87%
Avg. annual inflation From 1956 5.28%
CPI 1956 3.63
CPI today 120.27

Value of Euro over time (by year)

Period Value
1956 20,000
1957 20,263.6
1958 20,842.91
1959 20,737.17
1960 21,224.52
1961 21,659.77
1962 22,675.86
1963 24,366.28
1964 25,806.9
1965 26,973.18
1966 27,606.13
1967 28,636.76
1968 29,002.54
1969 29,773.21
1970 31,252.44
1971 32,749.95
1972 34,632.91
1973 38,372.79
1974 45,724.92
1975 53,475.53
1976 62,360.05
1977 73,042.35
1978 81,876.11
1979 93,992.62
1980 113,791.34
1981 134,238.85
1982 156,361.96
1983 179,263.67
1984 198,614.27
1985 216,898.67
1986 229,529.87
1987 240,426.33
1988 252,587.68
1989 268,399.23
1990 285,728.69
1991 303,586.76
1992 319,587.59
1993 334,374.04
1994 347,922.34
1995 366,137.57
1996 380,808.64
1997 388,588.96
1998 396,186.16
1999 402,776.58
2000 412,997.78
2001 424,500.49
2002 434,965.72
2003 446,590.48
2004 456,445.54
2005 465,507.32
2006 475,240.35
2007 483,936
2008 500,137.4
2009 504,012.26
2010 511,701.08
2011 525,929.63
2012 541,925.02
2013 548,536.52
2014 549,858.75
2015 550,072.03
2016 549,554.85
2017 556,295.33
2018 562,623.12
2019 566,062.13
2020 565,282.44
2021 575,874.61
2022 623,104.14
2023 658,135.89
2024-02 661,391.67
Today 661,774.43

All available years

Today's value of euro (Italy) by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

Other currencies: