kr

Value of 2004 Norwegian Kroner today

kr100 in 2004
kr165.36 in 2024

The inflation rate in Norway between 2004 and today has been 65.36%, which translates into a total increase of kr65.36. This means that 100 kroner in 2004 are equivalent to 165.36 kroner in 2024. In other words, the purchasing power of kr100 in 2004 equals kr165.36 today. The average annual inflation rate between these periods has been 2.55%.

Inflation timeline in Norway (2004 - 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 2004-2023 59.87%
Cumulative inflation 2004-today 65.36%
Avg. Annual inflation 2004-2023 2.5%
CPI 2004 81.04
CPI 2023 129.56
CPI 2024-06 (latest official data) 133.8
CPI today 134.01

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 2004 and 2023, use the corresponding CPI values:

Value2023
=Value2004 ×
CPI2023/CPI2004
=kr 100 ×
129.56/81.04
kr159.87

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 134.01:

Valuetoday
=Value2004 ×
CPItoday/CPI2004
=kr 100 ×
134.01/81.04
kr165.36

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 19 years between 2004 and 2023 and the average inflation rate was 2.5%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.025)19
kr159.87

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2004 kr1.6 kroner in 2023
kr5 kroner in 2004 kr7.99 kroner in 2023
kr10 kroner in 2004 kr15.99 kroner in 2023
kr50 kroner in 2004 kr79.93 kroner in 2023
kr100 kroner in 2004 kr159.87 kroner in 2023
kr500 kroner in 2004 kr799.33 kroner in 2023
kr1,000 kroner in 2004 kr1,598.66 kroner in 2023
kr5,000 kroner in 2004 kr7,993.31 kroner in 2023
kr10,000 kroner in 2004 kr15,986.63 kroner in 2023
kr50,000 kroner in 2004 kr79,933.15 kroner in 2023
kr100,000 kroner in 2004 kr159,866.3 kroner in 2023
kr500,000 kroner in 2004 kr799,331.48 kroner in 2023
kr1,000,000 kroner in 2004 kr1,598,662.96 kroner in 2023
Cumulative inflation From 2004 65.36%
Avg. annual inflation From 2004 2.55%
CPI 2004 81.04
CPI today 134.01

Value of Krone over time (by year)

Period Value
2004 100
2005 101.53
2006 103.9
2007 104.64
2008 108.57
2009 110.95
2010 113.63
2011 115.1
2012 115.9
2013 118.35
2014 120.77
2015 123.39
2016 127.77
2017 130.17
2018 133.77
2019 136.67
2020 138.43
2021 143.25
2022 151.51
2023 159.87
2024-06 165.1
Today 165.36

All available years

Today's value of norwegian kroner by year:

1955 | 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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