# Value of 1998 Norwegian Kroner today

kr100 in 1998

kr158.11 in 2020

The inflation rate in Norway between 1998 and today has been 58.11%, which translates into a total increase of kr58.11. This means that 100 kroner in 1998 are equivalent to 158.11 kroner in 2020. In other words, the purchasing power of kr100 in 1998 equals kr158.11 today. The average annual inflation rate has been 2.01%.

## Inflation timeline in Norway (1998-2020)

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 (1998-2020) 58.1%
Total Inflation* 58.11%
Annual inflation avg. (1998-2020) 2.1%
Annual inflation avg.* 2.01%
CPI 1998 70.4
CPI 2020 111.3
CPI today* 111.31
kr1 in 1998 kr1.58 in 2020

* 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 with 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 22 years between 1998 and 2020 and the average inflation rate has been 2.0119%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.02)22 = kr158.1

#### 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 1998 was 70.4 and the CPI today is 111.31. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
111.3/70.4
= kr158.1

### Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 1998 kr1.58 kroner today
kr5 kroner in 1998 kr7.91 kroner today
kr10 kroner in 1998 kr15.81 kroner today
kr50 kroner in 1998 kr79.06 kroner today
kr100 kroner in 1998 kr158.11 kroner today
kr500 kroner in 1998 kr790.57 kroner today
kr1,000 kroner in 1998 kr1,581.15 kroner today
kr5,000 kroner in 1998 kr7,905.73 kroner today
kr10,000 kroner in 1998 kr15,811.46 kroner today
kr50,000 kroner in 1998 kr79,057.29 kroner today
kr100,000 kroner in 1998 kr158,114.59 kroner today
kr500,000 kroner in 1998 kr790,572.95 kroner today
kr1,000,000 kroner in 1998 kr1,581,145.89 kroner today

Period Value
1998 100
1999 102.41
2000 105.26
2001 108.38
2002 110.65
2003 113.64
2004 114.35
2005 115.63
2006 117.76
2007 120.31
2008 123.72
2009 126.42
2010 128.98
2011 132.53
2012 132.67
2013 134.52
2014 137.22
2015 140.06
2016 143.32
2017 148.3
2018 150.71
2019 155.97
2020 158.1
Today 158.11