kr

Value of 2002 Norwegian Kroner today

kr100 in 2002
kr161.5 in 2023

The inflation rate in Norway between 2002 and today has been 61.5%, which translates into a total increase of kr61.5. This means that 100 kroner in 2002 are equivalent to 161.5 kroner in 2023. In other words, the purchasing power of kr100 in 2002 equals kr161.5 today. The average annual inflation rate between these periods has been 2.31%.

Inflation timeline in Norway (2002 - 2023)

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 2002-2022 55.98%
Cumulative inflation 2002-today 61.5%
Avg. Annual inflation 2002-2022 2.25%
CPI 2002 78.72
CPI 2022 122.78
CPI 2023-02 (latest official data) 126.6
CPI today 127.12

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 2002 and 2022, use the corresponding CPI values:

Value2022
=Value2002 ×
CPI2022/CPI2002
=kr 100 ×
122.78/78.72
kr155.98

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 127.12:

Valuetoday
=Value2002 ×
CPItoday/CPI2002
=kr 100 ×
127.12/78.72
kr161.5

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 20 years between 2002 and 2022 and the average inflation rate was 2.2477%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.022477)20
kr155.98

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2002 kr1.56 kroner in 2022
kr5 kroner in 2002 kr7.8 kroner in 2022
kr10 kroner in 2002 kr15.6 kroner in 2022
kr50 kroner in 2002 kr77.99 kroner in 2022
kr100 kroner in 2002 kr155.98 kroner in 2022
kr500 kroner in 2002 kr779.91 kroner in 2022
kr1,000 kroner in 2002 kr1,559.81 kroner in 2022
kr5,000 kroner in 2002 kr7,799.07 kroner in 2022
kr10,000 kroner in 2002 kr15,598.13 kroner in 2022
kr50,000 kroner in 2002 kr77,990.66 kroner in 2022
kr100,000 kroner in 2002 kr155,981.32 kroner in 2022
kr500,000 kroner in 2002 kr779,906.59 kroner in 2022
kr1,000,000 kroner in 2002 kr1,559,813.19 kroner in 2022
Cumulative inflation From 2002 61.5%
Avg. annual inflation From 2002 2.31%
CPI 2002 78.72
CPI today 127.12

Value of Krone over time (by year)

Period Value
2002 100
2003 102.49
2004 102.95
2005 104.53
2006 106.97
2007 107.73
2008 111.77
2009 114.23
2010 116.99
2011 118.49
2012 119.32
2013 121.85
2014 124.34
2015 127.04
2016 131.55
2017 134.01
2018 137.72
2019 140.71
2020 142.52
2021 147.48
2022 155.98
2023-02 160.83
Today 161.5

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 |

Other currencies: