kr

# Inflation calculator - Norwegian Krone

This tool is useful to calculate the time value of money based on historical inflation and CPI values. To start, select an amount and two years, or browse the default calculation results.

kr100 in 1956
kr1,728.45 in 2023

The inflation rate in Norway between 1956 and 2023 was 1,628.45%, which translates into a total increase of kr1,628.45. This means that 100 kroner in 1956 are equivalent to 1,728.45 kroner in 2023. In other words, the purchasing power of kr100 in 1956 equals kr1,728.45 in 2023. The average annual inflation rate between these periods was 4.35%.

## Inflation timeline in Norway (1956 - 2023)

The following chart depicts the equivalence of kr100 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 (NOK) 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.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation from 1956 to 2023 1,628.45%
Avg. Annual inflation from 1956 to 2023 4.35%
CPI 1956 7.5
CPI 2023 129.56

## How to calculate the time value of money with inflation data?

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
=kr 100 ×
129.56/7.5
kr1,728.45

### 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 kr100 worth today. There are 67 years between 1956 and 2023 and the average inflation rate was 4.3452%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.043452)67
kr1,728.45

## Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1956 kr17.28 kroner in 2023
kr5 kroner in 1956 kr86.42 kroner in 2023
kr10 kroner in 1956 kr172.85 kroner in 2023
kr50 kroner in 1956 kr864.23 kroner in 2023
kr100 kroner in 1956 kr1,728.45 kroner in 2023
kr500 kroner in 1956 kr8,642.25 kroner in 2023
kr1,000 kroner in 1956 kr17,284.5 kroner in 2023
kr5,000 kroner in 1956 kr86,422.52 kroner in 2023
kr10,000 kroner in 1956 kr172,845.04 kroner in 2023
kr50,000 kroner in 1956 kr864,225.21 kroner in 2023
kr100,000 kroner in 1956 kr1,728,450.42 kroner in 2023
kr500,000 kroner in 1956 kr8,642,252.1 kroner in 2023
kr1,000,000 kroner in 1956 kr17,284,504.19 kroner in 2023
 Cumulative inflation 1956-2023 1,628.45% Avg. annual inflation 1956-2023 4.35% CPI 1956 7.5 CPI 2023 129.56

### Value of Krone over time (by year)

Period Value
1956 100
1957 102.87
1958 108.05
1959 110.52
1960 110.92
1961 113.31
1962 119.28
1963 122.23
1964 129.4
1965 134.82
1966 139.2
1967 145.58
1968 150.6
1969 155.06
1970 171.55
1971 182.23
1972 195.46
1973 209.96
1974 229.72
1975 256.57
1976 280.08
1977 305.58
1978 330.52
1979 345.42
1980 383
1981 435.25
1982 484.62
1983 525.64
1984 558.33
1985 590.23
1986 632.59
1987 687.73
1988 733.65
1989 767
1990 798.69
1991 826.15
1992 845.38
1993 864.73
1994 876.62
1995 898.19
1996 909.53
1997 932.88
1998 953.89
1999 976.46
2000 1,006.59
2001 1,036.83
2002 1,050.17
2003 1,076.29
2004 1,081.19
2005 1,097.75
2006 1,123.32
2007 1,131.33
2008 1,173.79
2009 1,199.59
2010 1,228.6
2011 1,244.39
2012 1,253.06
2013 1,279.63
2014 1,305.76
2015 1,334.11
2016 1,381.47
2017 1,407.38
2018 1,446.29
2019 1,477.64
2020 1,496.65
2021 1,548.79
2022 1,638.06
2023 1,728.45

All available years

Today's value of norwegian kroner 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 |

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