Value of 1970 Norwegian Kroner today

Inflation timeline in Norway (1970-2020)

The following chart depicts the equivalence of kr100 throughout the years due to 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator	Value
Total Inflation (1970-2020)	841.16%
Total Inflation*	841.49%
Annual inflation avg. (1970-2020)	4.59%
Annual inflation avg.*	4.49%
CPI 1970	11.83
CPI 2020	111.3
CPI today*	111.34
kr1 in 1970	kr9.41 in 2020

* 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 with 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 50 years between 1970 and 2020 and the average inflation rate has been 4.4947%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)ⁿ = kr100 * (1 + 0.04)⁵⁰ = kr941.16

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 111.34. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
111.3/11.83
= kr941.16

Norway inflation - Conversion table

Initial Value		Equivalent value
kr1 krone in 1970		kr9.41 kroner today
kr5 kroner in 1970		kr47.07 kroner today
kr10 kroner in 1970		kr94.15 kroner today
kr50 kroner in 1970		kr470.74 kroner today
kr100 kroner in 1970		kr941.49 kroner today
kr500 kroner in 1970		kr4,707.43 kroner today
kr1,000 kroner in 1970		kr9,414.86 kroner today
kr5,000 kroner in 1970		kr47,074.28 kroner today
kr10,000 kroner in 1970		kr94,148.56 kroner today
kr50,000 kroner in 1970		kr470,742.79 kroner today
kr100,000 kroner in 1970		kr941,485.57 kroner today
kr500,000 kroner in 1970		kr4,707,427.85 kroner today
kr1,000,000 kroner in 1970		kr9,414,855.7 kroner today

Value of Krone over 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
2020	941.16
Today	941.49