kr

Value of 2001 Norwegian Kroner today

kr100 in 2001
kr170.63 in 2024

The inflation rate in Norway between 2001 and today has been 70.63%, which translates into a total increase of kr70.63. This means that 100 kroner in 2001 are equivalent to 170.63 kroner in 2024. In other words, the purchasing power of kr100 in 2001 equals kr170.63 today. The average annual inflation rate between these periods has been 2.35%.

Inflation timeline in Norway (2001 - 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 2001-2023 66.71%
Cumulative inflation 2001-today 70.63%
Avg. Annual inflation 2001-2023 2.35%
CPI 2001 77.72
CPI 2023 129.56
CPI 2023-12 (latest official data) 131.9
CPI today 132.61

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 2001 and 2023, use the corresponding CPI values:

Value2023
=Value2001 ×
CPI2023/CPI2001
=kr 100 ×
129.56/77.72
kr166.71

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.61:

Valuetoday
=Value2001 ×
CPItoday/CPI2001
=kr 100 ×
132.61/77.72
kr170.63

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 22 years between 2001 and 2023 and the average inflation rate was 2.3502%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.023502)22
kr166.71

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2001 kr1.67 kroner in 2023
kr5 kroner in 2001 kr8.34 kroner in 2023
kr10 kroner in 2001 kr16.67 kroner in 2023
kr50 kroner in 2001 kr83.35 kroner in 2023
kr100 kroner in 2001 kr166.71 kroner in 2023
kr500 kroner in 2001 kr833.53 kroner in 2023
kr1,000 kroner in 2001 kr1,667.06 kroner in 2023
kr5,000 kroner in 2001 kr8,335.3 kroner in 2023
kr10,000 kroner in 2001 kr16,670.59 kroner in 2023
kr50,000 kroner in 2001 kr83,352.97 kroner in 2023
kr100,000 kroner in 2001 kr166,705.93 kroner in 2023
kr500,000 kroner in 2001 kr833,529.67 kroner in 2023
kr1,000,000 kroner in 2001 kr1,667,059.33 kroner in 2023
Cumulative inflation From 2001 70.63%
Avg. annual inflation From 2001 2.35%
CPI 2001 77.72
CPI today 132.61

Value of Krone over time (by year)

Period Value
2001 100
2002 101.29
2003 103.81
2004 104.28
2005 105.88
2006 108.34
2007 109.11
2008 113.21
2009 115.7
2010 118.5
2011 120.02
2012 120.86
2013 123.42
2014 125.94
2015 128.67
2016 133.24
2017 135.74
2018 139.49
2019 142.52
2020 144.35
2021 149.38
2022 157.99
2023 166.71
2023-12 169.72
Today 170.63

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 |

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