kr

Value of 2002 Norwegian Kroner today

kr100 in 2002
kr168.35 in 2024

The inflation rate in Norway between 2002 and today has been 68.35%, which translates into a total increase of kr68.35. This means that 100 kroner in 2002 are equivalent to 168.35 kroner in 2024. In other words, the purchasing power of kr100 in 2002 equals kr168.35 today. The average annual inflation rate between these periods has been 2.4%.

Inflation timeline in Norway (2002 - 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 2002-2023 64.59%
Cumulative inflation 2002-today 68.35%
Avg. Annual inflation 2002-2023 2.4%
CPI 2002 78.72
CPI 2023 129.56
CPI 2023-12 (latest official data) 131.9
CPI today 132.52

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 2023, use the corresponding CPI values:

Value2023
=Value2002 ×
CPI2023/CPI2002
=kr 100 ×
129.56/78.72
kr164.59

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.52:

Valuetoday
=Value2002 ×
CPItoday/CPI2002
=kr 100 ×
132.52/78.72
kr168.35

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 21 years between 2002 and 2023 and the average inflation rate was 2.4011%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.024011)21
kr164.59

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2002 kr1.65 kroner in 2023
kr5 kroner in 2002 kr8.23 kroner in 2023
kr10 kroner in 2002 kr16.46 kroner in 2023
kr50 kroner in 2002 kr82.29 kroner in 2023
kr100 kroner in 2002 kr164.59 kroner in 2023
kr500 kroner in 2002 kr822.94 kroner in 2023
kr1,000 kroner in 2002 kr1,645.88 kroner in 2023
kr5,000 kroner in 2002 kr8,229.41 kroner in 2023
kr10,000 kroner in 2002 kr16,458.81 kroner in 2023
kr50,000 kroner in 2002 kr82,294.07 kroner in 2023
kr100,000 kroner in 2002 kr164,588.14 kroner in 2023
kr500,000 kroner in 2002 kr822,940.68 kroner in 2023
kr1,000,000 kroner in 2002 kr1,645,881.36 kroner in 2023
Cumulative inflation From 2002 68.35%
Avg. annual inflation From 2002 2.4%
CPI 2002 78.72
CPI today 132.52

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 164.59
2023-12 167.56
Today 168.35

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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