# 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

kr1,537.55 in 2020

The inflation rate in Norway between 1956 and 2020 was 1,437.55%, which translates into a total increase of kr1,437.55. This means that 100 kroner in 1956 are equivalent to 1,537.55 kroner in 2020. In other words, the purchasing power of kr100 in 1956 equals kr1,537.55 in 2020. The average annual inflation rate between these periods was 4.36%.

## Inflation timeline in Norway (1956 - 2020)

The following chart depicts the equivalence of norwegian kroner throughout the years 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.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1956-2020) 1,437.55%
Annual inflation avg. (1956-2020) 4.36%
CPI 1956 7.24
CPI 2020 111.3
kr1 in 1956 kr15.38 in 2020

## 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 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, the future value is the amount in 2020 that equals kr100 in 1956 in terms of purchasing power. There are 64 years between 1956 and 2020 and the average inflation rate was 4.3624%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.043624)64 = kr1,537.545536 ≈ kr1,537.55

#### 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 1956 was 7.24 and in 2020 was 111.3. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
111.3/7.24
= kr1,537.55

### Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1956 kr15.38 kroner in 2020
kr5 kroner in 1956 kr76.88 kroner in 2020
kr10 kroner in 1956 kr153.75 kroner in 2020
kr50 kroner in 1956 kr768.77 kroner in 2020
kr100 kroner in 1956 kr1,537.55 kroner in 2020
kr500 kroner in 1956 kr7,687.73 kroner in 2020
kr1,000 kroner in 1956 kr15,375.46 kroner in 2020
kr5,000 kroner in 1956 kr76,877.28 kroner in 2020
kr10,000 kroner in 1956 kr153,754.55 kroner in 2020
kr50,000 kroner in 1956 kr768,772.77 kroner in 2020
kr100,000 kroner in 1956 kr1,537,545.54 kroner in 2020
kr500,000 kroner in 1956 kr7,687,727.68 kroner in 2020
kr1,000,000 kroner in 1956 kr15,375,455.36 kroner in 2020

Period Value
1956 100
1957 104.95
1958 106.93
1959 113.86
1960 114.85
1961 114.85
1962 119.8
1963 125.74
1964 127.72
1965 136.63
1966 140.59
1967 146.53
1968 153.47
1969 158.42
1970 163.37
1971 184.16
1972 193.07
1973 207.92
1974 224.75
1975 247.52
1976 275.25
1977 297.03
1978 324.75
1979 350.5
1980 366.08
1981 415.81
1982 465.55
1983 520.8
1984 558.1
1985 591.26
1986 624.41
1987 679.67
1988 729.4
1989 770.84
1990 804
1991 838.54
1992 862.02
1993 881.36
1994 897.94
1995 914.51
1996 933.86
1997 950.43
1998 972.54
1999 996.02
2000 1,023.65
2001 1,054.04
2002 1,076.14
2003 1,105.15
2004 1,112.06
2005 1,124.49
2006 1,145.22
2007 1,170.08
2008 1,203.24
2009 1,229.48
2010 1,254.35
2011 1,288.89
2012 1,290.27
2013 1,308.23
2014 1,334.47
2015 1,362.1
2016 1,393.88
2017 1,442.23
2018 1,465.71
2019 1,516.82
2020 1,537.55