# Value of 2003 Norwegian Kroner today

kr100 in 2003

kr139.17 in 2020

The inflation rate in Norway between 2003 and today has been 39.17%, which translates into a total increase of kr39.17. This means that 100 kroner in 2003 are equivalent to 139.17 kroner in 2020. In other words, the purchasing power of kr100 in 2003 equals kr139.17 today. The average annual inflation rate has been 1.85%.

## Inflation timeline in Norway (2003-2020)

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 (2003-2020) 39.13%
Total Inflation* 39.17%
Annual inflation avg. (2003-2020) 1.96%
Annual inflation avg.* 1.85%
CPI 2003 80
CPI 2020 111.3
CPI today* 111.34
kr1 in 2003 kr1.39 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 17 years between 2003 and 2020 and the average inflation rate has been 1.8533%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.02)17 = kr139.13

#### 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 2003 was 80 and the CPI today is 111.34. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
111.3/80
= kr139.13

### Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2003 kr1.39 kroner today
kr5 kroner in 2003 kr6.96 kroner today
kr10 kroner in 2003 kr13.92 kroner today
kr50 kroner in 2003 kr69.59 kroner today
kr100 kroner in 2003 kr139.17 kroner today
kr500 kroner in 2003 kr695.86 kroner today
kr1,000 kroner in 2003 kr1,391.73 kroner today
kr5,000 kroner in 2003 kr6,958.63 kroner today
kr10,000 kroner in 2003 kr13,917.25 kroner today
kr50,000 kroner in 2003 kr69,586.26 kroner today
kr100,000 kroner in 2003 kr139,172.52 kroner today
kr500,000 kroner in 2003 kr695,862.58 kroner today
kr1,000,000 kroner in 2003 kr1,391,725.15 kroner today

Period Value
2003 100
2004 100.63
2005 101.75
2006 103.63
2007 105.88
2008 108.88
2009 111.25
2010 113.5
2011 116.63
2012 116.75
2013 118.38
2014 120.75
2015 123.25
2016 126.13
2017 130.5
2018 132.63
2019 137.25
2020 139.13
Today 139.17