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Value of 2003 Norwegian Kroner today

kr100 in 2003
kr164.58 in 2024

The inflation rate in Norway between 2003 and today has been 64.58%, which translates into a total increase of kr64.58. This means that 100 kroner in 2003 are equivalent to 164.58 kroner in 2024. In other words, the purchasing power of kr100 in 2003 equals kr164.58 today. The average annual inflation rate between these periods has been 2.4%.

Inflation timeline in Norway (2003 - 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 2003-2023 60.59%
Cumulative inflation 2003-today 64.58%
Avg. Annual inflation 2003-2023 2.4%
CPI 2003 80.68
CPI 2023 129.56
CPI 2024-02 (latest official data) 132.3
CPI today 132.77

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 2003 and 2023, use the corresponding CPI values:

Value2023
=Value2003 ×
CPI2023/CPI2003
=kr 100 ×
129.56/80.68
kr160.59

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.77:

Valuetoday
=Value2003 ×
CPItoday/CPI2003
=kr 100 ×
132.77/80.68
kr164.58

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 2003 and 2023 and the average inflation rate was 2.3968%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.023968)20
kr160.59

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2003 kr1.61 kroner in 2023
kr5 kroner in 2003 kr8.03 kroner in 2023
kr10 kroner in 2003 kr16.06 kroner in 2023
kr50 kroner in 2003 kr80.3 kroner in 2023
kr100 kroner in 2003 kr160.59 kroner in 2023
kr500 kroner in 2003 kr802.96 kroner in 2023
kr1,000 kroner in 2003 kr1,605.93 kroner in 2023
kr5,000 kroner in 2003 kr8,029.64 kroner in 2023
kr10,000 kroner in 2003 kr16,059.29 kroner in 2023
kr50,000 kroner in 2003 kr80,296.44 kroner in 2023
kr100,000 kroner in 2003 kr160,592.87 kroner in 2023
kr500,000 kroner in 2003 kr802,964.36 kroner in 2023
kr1,000,000 kroner in 2003 kr1,605,928.73 kroner in 2023
Cumulative inflation From 2003 64.58%
Avg. annual inflation From 2003 2.4%
CPI 2003 80.68
CPI today 132.77

Value of Krone over time (by year)

Period Value
2003 100
2004 100.45
2005 101.99
2006 104.37
2007 105.11
2008 109.06
2009 111.46
2010 114.15
2011 115.62
2012 116.42
2013 118.89
2014 121.32
2015 123.95
2016 128.35
2017 130.76
2018 134.38
2019 137.29
2020 139.06
2021 143.9
2022 152.19
2023 160.59
2024-02 163.99
Today 164.58

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 |

Other currencies: