kr

Value of 1966 Norwegian Kroner today

kr100 in 1966
kr1,193.19 in 2022

The inflation rate in Norway between 1966 and today has been 1,093.19%, which translates into a total increase of kr1,093.19. This means that 100 kroner in 1966 are equivalent to 1,193.19 kroner in 2022. In other words, the purchasing power of kr100 in 1966 equals kr1,193.19 today. The average annual inflation rate between these periods has been 4.53%.

Inflation timeline in Norway (1966 - 2022)

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 1966-2021 1,012.61%
Cumulative inflation 1966-today 1,093.19%
Avg. Annual inflation 1966-2021 4.48%
CPI 1966 10.43
CPI 2021 116.09
CPI 2022-08 (latest official data) 123.9
CPI today 124.5

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 1966 and 2021, use the corresponding CPI values:

Value2021
=Value1966 ×
CPI2021/CPI1966
=kr 100 ×
116.09/10.43
kr1,112.61

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 124.5:

Valuetoday
=Value1966 ×
CPItoday/CPI1966
=kr 100 ×
124.5/10.43
kr1,193.19

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 55 years between 1966 and 2021 and the average inflation rate was 4.4779%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.044779)55
kr1,112.61

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1966 kr11.13 kroner in 2021
kr5 kroner in 1966 kr55.63 kroner in 2021
kr10 kroner in 1966 kr111.26 kroner in 2021
kr50 kroner in 1966 kr556.31 kroner in 2021
kr100 kroner in 1966 kr1,112.61 kroner in 2021
kr500 kroner in 1966 kr5,563.06 kroner in 2021
kr1,000 kroner in 1966 kr11,126.12 kroner in 2021
kr5,000 kroner in 1966 kr55,630.59 kroner in 2021
kr10,000 kroner in 1966 kr111,261.18 kroner in 2021
kr50,000 kroner in 1966 kr556,305.92 kroner in 2021
kr100,000 kroner in 1966 kr1,112,611.84 kroner in 2021
kr500,000 kroner in 1966 kr5,563,059.22 kroner in 2021
kr1,000,000 kroner in 1966 kr11,126,118.44 kroner in 2021
Cumulative inflation From 1966 1,093.19%
Avg. annual inflation From 1966 4.53%
CPI 1966 10.43
CPI today 124.5

Value of Krone over time (by year)

Period Value
1966 100
1967 104.58
1968 108.19
1969 111.39
1970 123.24
1971 130.91
1972 140.41
1973 150.83
1974 165.03
1975 184.32
1976 201.2
1977 219.52
1978 237.44
1979 248.14
1980 275.14
1981 312.67
1982 348.14
1983 377.61
1984 401.09
1985 424.01
1986 454.44
1987 494.05
1988 527.03
1989 550.99
1990 573.76
1991 593.48
1992 607.3
1993 621.2
1994 629.74
1995 645.24
1996 653.38
1997 670.15
1998 685.25
1999 701.46
2000 723.11
2001 744.83
2002 754.41
2003 773.18
2004 776.7
2005 788.6
2006 806.96
2007 812.72
2008 843.22
2009 861.75
2010 882.6
2011 893.94
2012 900.17
2013 919.26
2014 938.02
2015 958.39
2016 992.41
2017 1,011.02
2018 1,038.97
2019 1,061.5
2020 1,075.15
2021 1,112.61
2022-08 1,187.45
Today 1,193.19

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 |

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