kr

Value of 1970 Norwegian Kroner today

kr100 in 1970
kr1,033.17 in 2024

The inflation rate in Norway between 1970 and today has been 933.17%, which translates into a total increase of kr933.17. This means that 100 kroner in 1970 are equivalent to 1,033.17 kroner in 2024. In other words, the purchasing power of kr100 in 1970 equals kr1,033.17 today. The average annual inflation rate between these periods has been 4.42%.

Inflation timeline in Norway (1970 - 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 1970-2023 907.53%
Cumulative inflation 1970-today 933.17%
Avg. Annual inflation 1970-2023 4.46%
CPI 1970 12.86
CPI 2023 129.56
CPI 2024-03 (latest official data) 132.6
CPI today 132.86

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 1970 and 2023, use the corresponding CPI values:

Value2023
=Value1970 ×
CPI2023/CPI1970
=kr 100 ×
129.56/12.86
kr1,007.53

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.86:

Valuetoday
=Value1970 ×
CPItoday/CPI1970
=kr 100 ×
132.86/12.86
kr1,033.17

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 53 years between 1970 and 2023 and the average inflation rate was 4.455%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.04455)53
kr1,007.53

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1970 kr10.08 kroner in 2023
kr5 kroner in 1970 kr50.38 kroner in 2023
kr10 kroner in 1970 kr100.75 kroner in 2023
kr50 kroner in 1970 kr503.76 kroner in 2023
kr100 kroner in 1970 kr1,007.53 kroner in 2023
kr500 kroner in 1970 kr5,037.64 kroner in 2023
kr1,000 kroner in 1970 kr10,075.27 kroner in 2023
kr5,000 kroner in 1970 kr50,376.35 kroner in 2023
kr10,000 kroner in 1970 kr100,752.7 kroner in 2023
kr50,000 kroner in 1970 kr503,763.5 kroner in 2023
kr100,000 kroner in 1970 kr1,007,527 kroner in 2023
kr500,000 kroner in 1970 kr5,037,635 kroner in 2023
kr1,000,000 kroner in 1970 kr10,075,270 kroner in 2023
Cumulative inflation From 1970 933.17%
Avg. annual inflation From 1970 4.42%
CPI 1970 12.86
CPI today 132.86

Value of Krone over time (by year)

Period Value
1970 100
1971 106.22
1972 113.93
1973 122.39
1974 133.91
1975 149.56
1976 163.26
1977 178.12
1978 192.66
1979 201.35
1980 223.25
1981 253.71
1982 282.49
1983 306.4
1984 325.45
1985 344.05
1986 368.74
1987 400.89
1988 427.65
1989 447.09
1990 465.56
1991 481.57
1992 492.78
1993 504.06
1994 510.99
1995 523.56
1996 530.17
1997 543.78
1998 556.03
1999 569.18
2000 586.75
2001 604.37
2002 612.15
2003 627.38
2004 630.23
2005 639.89
2006 654.79
2007 659.46
2008 684.21
2009 699.25
2010 716.16
2011 725.37
2012 730.42
2013 745.91
2014 761.14
2015 777.66
2016 805.27
2017 820.37
2018 843.05
2019 861.33
2020 872.41
2021 902.8
2022 954.84
2023 1,007.53
2024-03 1,031.18
Today 1,033.17

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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