Value of 1971 Norwegian Kroner today

kr100 in 1971

kr825.25 in 2019

The inflation rate in Norway between 1971 and today has been 725.25%, which translates into a total increase of kr725.25. This means that 100 kroner in 1971 are equivalent to 825.25 kroner in 2019. In other words, the purchasing power of kr100 in 1971 equals kr825.25 today. The average annual inflation rate has been 4.4%.

Inflation timeline in Norway (1971-2019)

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 (1971-2019) 723.65%
Total Inflation* 725.25%
Annual inflation avg. (1971-2019) 4.49%
Annual inflation avg.* 4.4%
CPI 1971 13.33
CPI 2019 109.8
CPI today* 110.01
kr1 in 1971 kr8.24 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 48 years between 1971 and 2019 and the average inflation rate has been 4.4013%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)48 = kr823.65

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 1971 was 13.33 and the CPI today is 110.01. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
109.8/13.33
= kr823.65

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1971 kr8.25 kroner today
kr5 kroner in 1971 kr41.26 kroner today
kr10 kroner in 1971 kr82.52 kroner today
kr50 kroner in 1971 kr412.62 kroner today
kr100 kroner in 1971 kr825.25 kroner today
kr500 kroner in 1971 kr4,126.24 kroner today
kr1,000 kroner in 1971 kr8,252.47 kroner today
kr5,000 kroner in 1971 kr41,262.36 kroner today
kr10,000 kroner in 1971 kr82,524.73 kroner today
kr50,000 kroner in 1971 kr412,623.64 kroner today
kr100,000 kroner in 1971 kr825,247.27 kroner today
kr500,000 kroner in 1971 kr4,126,236.37 kroner today
kr1,000,000 kroner in 1971 kr8,252,472.74 kroner today

Value of Krone in time (by year)

Period Value
1971 100
1972 104.84
1973 112.9
1974 122.04
1975 134.41
1976 149.46
1977 161.29
1978 176.34
1979 190.32
1980 198.79
1981 225.79
1982 252.8
1983 282.8
1984 303.06
1985 321.06
1986 339.06
1987 369.07
1988 396.07
1989 418.58
1990 436.58
1991 455.33
1992 468.09
1993 478.59
1994 487.59
1995 496.59
1996 507.09
1997 516.09
1998 528.1
1999 540.85
2000 555.85
2001 572.36
2002 584.36
2003 600.11
2004 603.86
2005 610.61
2006 621.86
2007 635.37
2008 653.37
2009 667.62
2010 681.13
2011 699.88
2012 700.63
2013 710.38
2014 724.63
2015 739.64
2016 756.89
2017 783.14
2018 795.9
2019 823.65
Today 825.25