kr

Value of 1961 Norwegian Kroner today

kr100 in 1961
kr1,564.46 in 2024

The inflation rate in Norway between 1961 and today has been 1,464.46%, which translates into a total increase of kr1,464.46. This means that 100 kroner in 1961 are equivalent to 1,564.46 kroner in 2024. In other words, the purchasing power of kr100 in 1961 equals kr1,564.46 today. The average annual inflation rate between these periods has been 4.46%.

Inflation timeline in Norway (1961 - 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 1961-2023 1,425.46%
Cumulative inflation 1961-today 1,464.46%
Avg. Annual inflation 1961-2023 4.49%
CPI 1961 8.49
CPI 2023 129.56
CPI 2024-03 (latest official data) 132.6
CPI today 132.87

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 1961 and 2023, use the corresponding CPI values:

Value2023
=Value1961 ×
CPI2023/CPI1961
=kr 100 ×
129.56/8.49
kr1,525.46

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.87:

Valuetoday
=Value1961 ×
CPItoday/CPI1961
=kr 100 ×
132.87/8.49
kr1,564.46

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 62 years between 1961 and 2023 and the average inflation rate was 4.493%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.04493)62
kr1,525.46

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1961 kr15.25 kroner in 2023
kr5 kroner in 1961 kr76.27 kroner in 2023
kr10 kroner in 1961 kr152.55 kroner in 2023
kr50 kroner in 1961 kr762.73 kroner in 2023
kr100 kroner in 1961 kr1,525.46 kroner in 2023
kr500 kroner in 1961 kr7,627.3 kroner in 2023
kr1,000 kroner in 1961 kr15,254.61 kroner in 2023
kr5,000 kroner in 1961 kr76,273.05 kroner in 2023
kr10,000 kroner in 1961 kr152,546.1 kroner in 2023
kr50,000 kroner in 1961 kr762,730.48 kroner in 2023
kr100,000 kroner in 1961 kr1,525,460.97 kroner in 2023
kr500,000 kroner in 1961 kr7,627,304.84 kroner in 2023
kr1,000,000 kroner in 1961 kr15,254,609.68 kroner in 2023
Cumulative inflation From 1961 1,464.46%
Avg. annual inflation From 1961 4.46%
CPI 1961 8.49
CPI today 132.87

Value of Krone over time (by year)

Period Value
1961 100
1962 105.27
1963 107.88
1964 114.21
1965 118.99
1966 122.86
1967 128.48
1968 132.91
1969 136.85
1970 151.41
1971 160.83
1972 172.5
1973 185.3
1974 202.74
1975 226.44
1976 247.19
1977 269.69
1978 291.7
1979 304.86
1980 338.02
1981 384.14
1982 427.7
1983 463.91
1984 492.76
1985 520.92
1986 558.3
1987 606.97
1988 647.49
1989 676.93
1990 704.89
1991 729.12
1992 746.1
1993 763.17
1994 773.67
1995 792.71
1996 802.71
1997 823.32
1998 841.86
1999 861.78
2000 888.37
2001 915.06
2002 926.84
2003 949.89
2004 954.21
2005 968.83
2006 991.4
2007 998.46
2008 1,035.94
2009 1,058.71
2010 1,084.32
2011 1,098.25
2012 1,105.9
2013 1,129.35
2014 1,152.41
2015 1,177.43
2016 1,219.23
2017 1,242.09
2018 1,276.43
2019 1,304.1
2020 1,320.88
2021 1,366.9
2022 1,445.69
2023 1,525.46
2024-03 1,561.27
Today 1,564.46

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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