Value of 2004 Norwegian Kroner today

kr100 in 2004

kr140.38 in 2021

The inflation rate in Norway between 2004 and today has been 40.38%, which translates into a total increase of kr40.38. This means that 100 kroner in 2004 are equivalent to 140.38 kroner in 2021. In other words, the purchasing power of kr100 in 2004 equals kr140.38 today. The average annual inflation rate has been 1.9%.

Inflation timeline in Norway (2004-2021)

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 (2004-2021) 40.25%
Total Inflation* 40.38%
Annual inflation avg. (2004-2021) 2.01%
Annual inflation avg.* 1.9%
CPI 2004 80.5
CPI 2021 112.9
CPI today* 113.01
kr1 in 2004 kr1.4 in 2021

* 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 2004 and 2021 and the average inflation rate has been 1.9023%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.02)17 = kr140.25

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 2004 was 80.5 and the CPI today is 113.01. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr140.25

Norway inflation - Conversion table

Initial Value Equivalent value
kr1 krone in 2004 kr1.4 kroner today
kr5 kroner in 2004 kr7.02 kroner today
kr10 kroner in 2004 kr14.04 kroner today
kr50 kroner in 2004 kr70.19 kroner today
kr100 kroner in 2004 kr140.38 kroner today
kr500 kroner in 2004 kr701.91 kroner today
kr1,000 kroner in 2004 kr1,403.83 kroner today
kr5,000 kroner in 2004 kr7,019.14 kroner today
kr10,000 kroner in 2004 kr14,038.29 kroner today
kr50,000 kroner in 2004 kr70,191.43 kroner today
kr100,000 kroner in 2004 kr140,382.86 kroner today
kr500,000 kroner in 2004 kr701,914.29 kroner today
kr1,000,000 kroner in 2004 kr1,403,828.57 kroner today

Value of Krone over time (by year)

Period Value
2004 100
2005 101.12
2006 102.98
2007 105.22
2008 108.2
2009 110.56
2010 112.8
2011 115.9
2012 116.02
2013 117.64
2014 120
2015 122.48
2016 125.34
2017 129.69
2018 131.8
2019 136.4
2020 138.26
2021 140.25
Today 140.38