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Value of 1994 Norwegian Kroner today

kr100 in 1994
kr203.99 in 2024

The inflation rate in Norway between 1994 and today has been 103.99%, which translates into a total increase of kr103.99. This means that 100 kroner in 1994 are equivalent to 203.99 kroner in 2024. In other words, the purchasing power of kr100 in 1994 equals kr203.99 today. The average annual inflation rate between these periods has been 2.4%.

Inflation timeline in Norway (1994 - 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 1994-2023 97.17%
Cumulative inflation 1994-today 103.99%
Avg. Annual inflation 1994-2023 2.37%
CPI 1994 65.71
CPI 2023 129.56
CPI 2024-06 (latest official data) 133.8
CPI today 134.04

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 1994 and 2023, use the corresponding CPI values:

Value2023
=Value1994 ×
CPI2023/CPI1994
=kr 100 ×
129.56/65.71
kr197.17

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 134.04:

Valuetoday
=Value1994 ×
CPItoday/CPI1994
=kr 100 ×
134.04/65.71
kr203.99

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 29 years between 1994 and 2023 and the average inflation rate was 2.3687%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.023687)29
kr197.17

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1994 kr1.97 kroner in 2023
kr5 kroner in 1994 kr9.86 kroner in 2023
kr10 kroner in 1994 kr19.72 kroner in 2023
kr50 kroner in 1994 kr98.59 kroner in 2023
kr100 kroner in 1994 kr197.17 kroner in 2023
kr500 kroner in 1994 kr985.86 kroner in 2023
kr1,000 kroner in 1994 kr1,971.72 kroner in 2023
kr5,000 kroner in 1994 kr9,858.59 kroner in 2023
kr10,000 kroner in 1994 kr19,717.18 kroner in 2023
kr50,000 kroner in 1994 kr98,585.89 kroner in 2023
kr100,000 kroner in 1994 kr197,171.77 kroner in 2023
kr500,000 kroner in 1994 kr985,858.87 kroner in 2023
kr1,000,000 kroner in 1994 kr1,971,717.75 kroner in 2023
Cumulative inflation From 1994 103.99%
Avg. annual inflation From 1994 2.4%
CPI 1994 65.71
CPI today 134.04

Value of Krone over time (by year)

Period Value
1994 100
1995 102.46
1996 103.75
1997 106.42
1998 108.81
1999 111.39
2000 114.83
2001 118.28
2002 119.8
2003 122.78
2004 123.34
2005 125.23
2006 128.14
2007 129.06
2008 133.9
2009 136.84
2010 140.15
2011 141.95
2012 142.94
2013 145.97
2014 148.95
2015 152.19
2016 157.59
2017 160.55
2018 164.98
2019 168.56
2020 170.73
2021 176.68
2022 186.86
2023 197.17
2024-06 203.63
Today 203.99

All available years

Today's value of norwegian kroner by year:

1955 | 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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