Value of 1977 New Zealand Dollars today

$245 in 1977

$1,988.91 today

The inflation rate in New Zealand between 1977 and today has been 711.8%, which translates into a total increase of $1,743.91. This means that 245 dollars in 1977 are equivalent to 1,988.91 dollars in 2021. In other words, the purchasing power of $245 in 1977 equals $1,988.91 today. The average annual inflation rate has been 4.76%.

Inflation timeline in New Zealand (1977-2022)

The following chart depicts the equivalence of $245 throughout the years due to 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 (NZD) 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1977-2021) 711.05%
Total Inflation* 711.8%
Annual inflation avg. (1977-2021) 4.87%
Annual inflation avg.* 4.76%
CPI 1977 13.35
CPI 2021 108.26
CPI today* 108.36
$1 in 1977 $8.11 in 2021

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 $245 worth today. There are 44 years between 1977 and 2021 and the average inflation rate has been 4.7635%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = $245 * (1 + 0.05)44 = $1,987.08

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1977 was 13.35 and the CPI today is 108.36. Therefore,

Final value = Initial value *
CPI final/CPI initial
= $245 *
108.26/13.35
= $1,987.08

New Zealand inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1977 $8.12 dollars today
$5 dollars in 1977 $40.59 dollars today
$10 dollars in 1977 $81.18 dollars today
$50 dollars in 1977 $405.9 dollars today
$100 dollars in 1977 $811.8 dollars today
$500 dollars in 1977 $4,059 dollars today
$1,000 dollars in 1977 $8,117.99 dollars today
$5,000 dollars in 1977 $40,589.97 dollars today
$10,000 dollars in 1977 $81,179.94 dollars today
$50,000 dollars in 1977 $405,899.7 dollars today
$100,000 dollars in 1977 $811,799.4 dollars today
$500,000 dollars in 1977 $4,058,996.99 dollars today
$1,000,000 dollars in 1977 $8,117,993.97 dollars today

Value of Dollar over time (by year)

Period Value
1977 245
1978 282.54
1979 311.07
1980 362.5
1981 420.98
1982 487.07
1983 561.59
1984 581.8
1985 636.48
1986 733.64
1987 867.46
1988 950.65
1989 995.45
1990 1,067.12
1991 1,118.89
1992 1,129.84
1993 1,144.77
1994 1,160.7
1995 1,193.2
1996 1,228.02
1997 1,259.36
1998 1,269.8
1999 1,274.44
2000 1,280.92
2001 1,331.86
2002 1,356.05
2003 1,392.97
2004 1,414.62
2005 1,452.82
2006 1,498.66
2007 1,538.14
2008 1,587.12
2009 1,640.68
2010 1,672.82
2011 1,740.16
2012 1,772.3
2013 1,789.14
2014 1,818.22
2015 1,831.99
2016 1,833.52
2017 1,858.01
2018 1,887.63
2019 1,923.29
2020 1,958.94
2021 1,987.08
Today 1,988.91