kr

Value of 1988 Norwegian Kroner today

kr100 in 1988
kr241.04 in 2024

The inflation rate in Norway between 1988 and today has been 141.04%, which translates into a total increase of kr141.04. This means that 100 kroner in 1988 are equivalent to 241.04 kroner in 2024. In other words, the purchasing power of kr100 in 1988 equals kr241.04 today. The average annual inflation rate between these periods has been 2.47%.

Inflation timeline in Norway (1988 - 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 1988-2023 135.6%
Cumulative inflation 1988-today 141.04%
Avg. Annual inflation 1988-2023 2.48%
CPI 1988 54.99
CPI 2023 129.56
CPI 2023-12 (latest official data) 131.9
CPI today 132.55

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 1988 and 2023, use the corresponding CPI values:

Value2023
=Value1988 ×
CPI2023/CPI1988
=kr 100 ×
129.56/54.99
kr235.6

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.55:

Valuetoday
=Value1988 ×
CPItoday/CPI1988
=kr 100 ×
132.55/54.99
kr241.04

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 35 years between 1988 and 2023 and the average inflation rate was 2.4786%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.024786)35
kr235.6

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1988 kr2.36 kroner in 2023
kr5 kroner in 1988 kr11.78 kroner in 2023
kr10 kroner in 1988 kr23.56 kroner in 2023
kr50 kroner in 1988 kr117.8 kroner in 2023
kr100 kroner in 1988 kr235.6 kroner in 2023
kr500 kroner in 1988 kr1,177.98 kroner in 2023
kr1,000 kroner in 1988 kr2,355.96 kroner in 2023
kr5,000 kroner in 1988 kr11,779.81 kroner in 2023
kr10,000 kroner in 1988 kr23,559.63 kroner in 2023
kr50,000 kroner in 1988 kr117,798.14 kroner in 2023
kr100,000 kroner in 1988 kr235,596.27 kroner in 2023
kr500,000 kroner in 1988 kr1,177,981.35 kroner in 2023
kr1,000,000 kroner in 1988 kr2,355,962.7 kroner in 2023
Cumulative inflation From 1988 141.04%
Avg. annual inflation From 1988 2.47%
CPI 1988 54.99
CPI today 132.55

Value of Krone over time (by year)

Period Value
1988 100
1989 104.55
1990 108.86
1991 112.61
1992 115.23
1993 117.87
1994 119.49
1995 122.43
1996 123.97
1997 127.16
1998 130.02
1999 133.1
2000 137.2
2001 141.32
2002 143.14
2003 146.7
2004 147.37
2005 149.63
2006 153.11
2007 154.21
2008 159.99
2009 163.51
2010 167.46
2011 169.62
2012 170.8
2013 174.42
2014 177.98
2015 181.85
2016 188.3
2017 191.83
2018 197.14
2019 201.41
2020 204
2021 211.11
2022 223.28
2023 235.6
2023-12 239.85
Today 241.04

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 |

Other currencies: