kr

Value of 1971 Norwegian Kroner today

kr100 in 1971
kr893.7 in 2022

The inflation rate in Norway between 1971 and today has been 793.7%, which translates into a total increase of kr793.7. This means that 100 kroner in 1971 are equivalent to 893.7 kroner in 2022. In other words, the purchasing power of kr100 in 1971 equals kr893.7 today. The average annual inflation rate between these periods has been 4.39%.

Inflation timeline in Norway (1971 - 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 1971-2021 749.91%
Cumulative inflation 1971-today 793.7%
Avg. Annual inflation 1971-2021 4.37%
CPI 1971 13.66
CPI 2021 116.09
CPI 2022-05 (latest official data) 121.5
CPI today 122.07

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 1971 and 2021, use the corresponding CPI values:

Value2021
=Value1971 ×
CPI2021/CPI1971
=kr 100 ×
116.09/13.66
kr849.91

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 122.07:

Valuetoday
=Value1971 ×
CPItoday/CPI1971
=kr 100 ×
122.07/13.66
kr893.7

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 50 years between 1971 and 2021 and the average inflation rate was 4.3728%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.043728)50
kr849.91

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1971 kr8.5 kroner in 2021
kr5 kroner in 1971 kr42.5 kroner in 2021
kr10 kroner in 1971 kr84.99 kroner in 2021
kr50 kroner in 1971 kr424.95 kroner in 2021
kr100 kroner in 1971 kr849.91 kroner in 2021
kr500 kroner in 1971 kr4,249.53 kroner in 2021
kr1,000 kroner in 1971 kr8,499.05 kroner in 2021
kr5,000 kroner in 1971 kr42,495.26 kroner in 2021
kr10,000 kroner in 1971 kr84,990.52 kroner in 2021
kr50,000 kroner in 1971 kr424,952.61 kroner in 2021
kr100,000 kroner in 1971 kr849,905.23 kroner in 2021
kr500,000 kroner in 1971 kr4,249,526.15 kroner in 2021
kr1,000,000 kroner in 1971 kr8,499,052.3 kroner in 2021
Cumulative inflation From 1971 793.7%
Avg. annual inflation From 1971 4.39%
CPI 1971 13.66
CPI today 122.07

Value of Krone over time (by year)

Period Value
1971 100
1972 107.26
1973 115.22
1974 126.06
1975 140.8
1976 153.69
1977 167.69
1978 181.37
1979 189.55
1980 210.17
1981 238.85
1982 265.93
1983 288.45
1984 306.38
1985 323.89
1986 347.14
1987 377.4
1988 402.59
1989 420.9
1990 438.28
1991 453.35
1992 463.91
1993 474.52
1994 481.05
1995 492.89
1996 499.11
1997 511.92
1998 523.45
1999 535.83
2000 552.37
2001 568.96
2002 576.28
2003 590.62
2004 593.3
2005 602.39
2006 616.43
2007 620.82
2008 644.12
2009 658.28
2010 674.2
2011 682.86
2012 687.62
2013 702.2
2014 716.54
2015 732.1
2016 758.09
2017 772.3
2018 793.66
2019 810.86
2020 821.29
2021 849.91
2022-05 889.5
Today 893.7

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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