kr

Value of 1960 Norwegian Kroner today

kr100 in 1960
kr1,611.89 in 2024

The inflation rate in Norway between 1960 and today has been 1,511.89%, which translates into a total increase of kr1,511.89. This means that 100 kroner in 1960 are equivalent to 1,611.89 kroner in 2024. In other words, the purchasing power of kr100 in 1960 equals kr1,611.89 today. The average annual inflation rate between these periods has been 4.44%.

Inflation timeline in Norway (1960 - 2024)

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. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1960-2023 1,458.34%
Cumulative inflation 1960-today 1,511.89%
Avg. Annual inflation 1960-2023 4.46%
CPI 1960 8.31
CPI 2023 129.56
CPI 2024-06 (latest official data) 133.8
CPI today 134.01

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 1960 and 2023, use the corresponding CPI values:

Value2023
=Value1960 ×
CPI2023/CPI1960
=kr 100 ×
129.56/8.31
kr1,558.34

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 134.01:

Valuetoday
=Value1960 ×
CPItoday/CPI1960
=kr 100 ×
134.01/8.31
kr1,611.89

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 63 years between 1960 and 2023 and the average inflation rate was 4.4555%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.044555)63
kr1,558.34

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1960 kr15.58 kroner in 2023
kr5 kroner in 1960 kr77.92 kroner in 2023
kr10 kroner in 1960 kr155.83 kroner in 2023
kr50 kroner in 1960 kr779.17 kroner in 2023
kr100 kroner in 1960 kr1,558.34 kroner in 2023
kr500 kroner in 1960 kr7,791.69 kroner in 2023
kr1,000 kroner in 1960 kr15,583.37 kroner in 2023
kr5,000 kroner in 1960 kr77,916.86 kroner in 2023
kr10,000 kroner in 1960 kr155,833.72 kroner in 2023
kr50,000 kroner in 1960 kr779,168.6 kroner in 2023
kr100,000 kroner in 1960 kr1,558,337.2 kroner in 2023
kr500,000 kroner in 1960 kr7,791,685.98 kroner in 2023
kr1,000,000 kroner in 1960 kr15,583,371.95 kroner in 2023
Cumulative inflation From 1960 1,511.89%
Avg. annual inflation From 1960 4.44%
CPI 1960 8.31
CPI today 134.01

Value of Krone over time (by year)

Period Value
1960 100
1961 102.16
1962 107.54
1963 110.2
1964 116.67
1965 121.55
1966 125.5
1967 131.25
1968 135.78
1969 139.8
1970 154.67
1971 164.3
1972 176.22
1973 189.3
1974 207.11
1975 231.32
1976 252.51
1977 275.5
1978 297.99
1979 311.43
1980 345.31
1981 392.42
1982 436.92
1983 473.91
1984 503.38
1985 532.14
1986 570.33
1987 620.05
1988 661.44
1989 691.51
1990 720.08
1991 744.84
1992 762.18
1993 779.62
1994 790.34
1995 809.79
1996 820.01
1997 841.06
1998 860.01
1999 880.36
2000 907.52
2001 934.78
2002 946.81
2003 970.37
2004 974.78
2005 989.71
2006 1,012.76
2007 1,019.98
2008 1,058.27
2009 1,081.52
2010 1,107.69
2011 1,121.92
2012 1,129.74
2013 1,153.69
2014 1,177.25
2015 1,202.81
2016 1,245.51
2017 1,268.86
2018 1,303.94
2019 1,332.21
2020 1,349.35
2021 1,396.36
2022 1,476.85
2023 1,558.34
2024-06 1,609.36
Today 1,611.89

All available years

Today's value of norwegian kroner by year:

1955 | 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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