Value of 1970 Norwegian Kroner today

kr100 in 1970

kr930.73 in 2019

The inflation rate in Norway between 1970 and today has been 830.73%, which translates into a total increase of kr830.73. This means that 100 kroner in 1970 are equivalent to 930.73 kroner in 2019. In other words, the purchasing power of kr100 in 1970 equals kr930.73 today. The average annual inflation rate has been 4.56%.

Inflation timeline in Norway (1970-2019)

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 (1970-2019) 828.48%
Total Inflation* 830.73%
Annual inflation avg. (1970-2019) 4.65%
Annual inflation avg.* 4.56%
CPI 1970 11.83
CPI 2019 109.8
CPI today* 110.07
kr1 in 1970 kr9.28 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 49 years between 1970 and 2019 and the average inflation rate has been 4.5626%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.05)49 = kr928.48

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 1970 was 11.83 and the CPI today is 110.07. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
109.8/11.83
= kr928.48

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1970 kr9.31 kroner today
kr5 kroner in 1970 kr46.54 kroner today
kr10 kroner in 1970 kr93.07 kroner today
kr50 kroner in 1970 kr465.36 kroner today
kr100 kroner in 1970 kr930.73 kroner today
kr500 kroner in 1970 kr4,653.64 kroner today
kr1,000 kroner in 1970 kr9,307.28 kroner today
kr5,000 kroner in 1970 kr46,536.42 kroner today
kr10,000 kroner in 1970 kr93,072.85 kroner today
kr50,000 kroner in 1970 kr465,364.25 kroner today
kr100,000 kroner in 1970 kr930,728.5 kroner today
kr500,000 kroner in 1970 kr4,653,642.5 kroner today
kr1,000,000 kroner in 1970 kr9,307,285 kroner today

Value of Krone in time (by year)

Period Value
1970 100
1971 112.73
1972 118.18
1973 127.27
1974 137.58
1975 151.52
1976 168.48
1977 181.82
1978 198.79
1979 214.55
1980 224.09
1981 254.53
1982 284.97
1983 318.8
1984 341.63
1985 361.92
1986 382.22
1987 416.04
1988 446.48
1989 471.85
1990 492.15
1991 513.29
1992 527.66
1993 539.5
1994 549.65
1995 559.79
1996 571.63
1997 581.78
1998 595.31
1999 609.68
2000 626.6
2001 645.2
2002 658.73
2003 676.49
2004 680.72
2005 688.33
2006 701.01
2007 716.23
2008 736.53
2009 752.59
2010 767.81
2011 788.95
2012 789.8
2013 800.79
2014 816.86
2015 833.77
2016 853.22
2017 882.82
2018 897.19
2019 928.48
Today 930.73