# Value of 2002 Norwegian Kroner today

kr100 in 2002

kr142.92 in 2020

The inflation rate in Norway between 2002 and today has been 42.92%, which translates into a total increase of kr42.92. This means that 100 kroner in 2002 are equivalent to 142.92 kroner in 2020. In other words, the purchasing power of kr100 in 2002 equals kr142.92 today. The average annual inflation rate has been 1.9%.

## Inflation timeline in Norway (2002-2020)

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 (2002-2020) 42.88%
Total Inflation* 42.92%
Annual inflation avg. (2002-2020) 2%
Annual inflation avg.* 1.9%
CPI 2002 77.9
CPI 2020 111.3
CPI today* 111.34
kr1 in 2002 kr1.43 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 18 years between 2002 and 2020 and the average inflation rate has been 1.8975%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.02)18 = kr142.88

#### 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 2002 was 77.9 and the CPI today is 111.34. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
111.3/77.9
= kr142.88

### Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2002 kr1.43 kroner today
kr5 kroner in 2002 kr7.15 kroner today
kr10 kroner in 2002 kr14.29 kroner today
kr50 kroner in 2002 kr71.46 kroner today
kr100 kroner in 2002 kr142.92 kroner today
kr500 kroner in 2002 kr714.62 kroner today
kr1,000 kroner in 2002 kr1,429.24 kroner today
kr5,000 kroner in 2002 kr7,146.21 kroner today
kr10,000 kroner in 2002 kr14,292.43 kroner today
kr50,000 kroner in 2002 kr71,462.14 kroner today
kr100,000 kroner in 2002 kr142,924.28 kroner today
kr500,000 kroner in 2002 kr714,621.39 kroner today
kr1,000,000 kroner in 2002 kr1,429,242.78 kroner today

Period Value
2002 100
2003 102.7
2004 103.34
2005 104.49
2006 106.42
2007 108.73
2008 111.81
2009 114.25
2010 116.56
2011 119.77
2012 119.9
2013 121.57
2014 124.01
2015 126.57
2016 129.53
2017 134.02
2018 136.2
2019 140.95
2020 142.88
Today 142.92