Value of 1961 Norwegian Kroner today

kr100 in 1961

kr1,323.75 in 2019

The inflation rate in Norway between 1961 and today has been 1,223.75%, which translates into a total increase of kr1,223.75. This means that 100 kroner in 1961 are equivalent to 1,323.75 kroner in 2019. In other words, the purchasing power of kr100 in 1961 equals kr1,323.75 today. The average annual inflation rate has been 4.48%.

Inflation timeline in Norway (1961-2019)

The following chart ilustrates the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1961-2019) 1,220.68%
Total Inflation* 1,223.75%
Annual inflation avg. (1961-2019) 4.55%
Annual inflation avg.* 4.48%
CPI 1961 8.31
CPI 2019 109.8
CPI today* 110.06
kr1 in 1961 kr13.21 in 2019

* 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 in 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 kr100 worth today. There are 58 years between 1961 and 2019 and the average inflation rate has been 4.4753%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)58 = kr1,320.68

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 1961 was 8.31 and the CPI today is 110.06. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
109.8/8.31
= kr1,320.68

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1961 kr13.24 kroner today
kr5 kroner in 1961 kr66.19 kroner today
kr10 kroner in 1961 kr132.38 kroner today
kr50 kroner in 1961 kr661.88 kroner today
kr100 kroner in 1961 kr1,323.75 kroner today
kr500 kroner in 1961 kr6,618.77 kroner today
kr1,000 kroner in 1961 kr13,237.53 kroner today
kr5,000 kroner in 1961 kr66,187.66 kroner today
kr10,000 kroner in 1961 kr132,375.32 kroner today
kr50,000 kroner in 1961 kr661,876.62 kroner today
kr100,000 kroner in 1961 kr1,323,753.23 kroner today
kr500,000 kroner in 1961 kr6,618,766.17 kroner today
kr1,000,000 kroner in 1961 kr13,237,532.34 kroner today

Value of Krone in time (by year)

Period Value
1961 100
1962 104.31
1963 109.48
1964 111.21
1965 118.97
1966 122.41
1967 127.59
1968 133.62
1969 137.93
1970 142.24
1971 160.34
1972 168.1
1973 181.03
1974 195.69
1975 215.52
1976 239.66
1977 258.62
1978 282.76
1979 305.17
1980 318.74
1981 362.05
1982 405.35
1983 453.46
1984 485.93
1985 514.8
1986 543.67
1987 591.78
1988 635.08
1989 671.17
1990 700.03
1991 730.1
1992 750.55
1993 767.39
1994 781.82
1995 796.26
1996 813.1
1997 827.53
1998 846.78
1999 867.22
2000 891.28
2001 917.74
2002 936.99
2003 962.25
2004 968.26
2005 979.09
2006 997.13
2007 1,018.78
2008 1,047.65
2009 1,070.5
2010 1,092.15
2011 1,122.22
2012 1,123.42
2013 1,139.06
2014 1,161.91
2015 1,185.97
2016 1,213.63
2017 1,255.73
2018 1,276.18
2019 1,320.68
Today 1,323.75