R

Value of 1998 South African Rand today

R100 in 1998
R350.08 in 2022

The inflation rate in South Africa between 1998 and today has been 250.08%, which translates into a total increase of R250.08. This means that 100 rand in 1998 are equivalent to 350.08 rand in 2022. In other words, the purchasing power of R100 in 1998 equals R350.08 today. The average annual inflation rate between these periods has been 5.36%.

Inflation timeline in South Africa (1998 - 2022)

The following chart depicts the equivalence of R100 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 (ZAR) 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 1998-2021 217.41%
Cumulative inflation 1998-today 250.08%
Avg. Annual inflation 1998-2021 5.15%
CPI 1998 41.5
CPI 2021 131.71
CPI 2022-09 (latest official data) 143.67
CPI today 145.27

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 1998 and 2021, use the corresponding CPI values:

Value2021
=Value1998 ×
CPI2021/CPI1998
=R 100 ×
131.71/41.5
R317.41

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 145.27:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=R 100 ×
145.27/41.5
R350.08

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 R100 worth today. There are 23 years between 1998 and 2021 and the average inflation rate was 5.1501%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=R100 × (1 + 0.051501)23
R317.41

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 1998 R3.17 rand in 2021
R5 rand in 1998 R15.87 rand in 2021
R10 rand in 1998 R31.74 rand in 2021
R50 rand in 1998 R158.7 rand in 2021
R100 rand in 1998 R317.41 rand in 2021
R500 rand in 1998 R1,587.05 rand in 2021
R1,000 rand in 1998 R3,174.09 rand in 2021
R5,000 rand in 1998 R15,870.46 rand in 2021
R10,000 rand in 1998 R31,740.93 rand in 2021
R50,000 rand in 1998 R158,704.64 rand in 2021
R100,000 rand in 1998 R317,409.27 rand in 2021
R500,000 rand in 1998 R1,587,046.36 rand in 2021
R1,000,000 rand in 1998 R3,174,092.73 rand in 2021
Cumulative inflation From 1998 250.08%
Avg. annual inflation From 1998 5.36%
CPI 1998 41.5
CPI today 145.27

Value of Rand over time (by year)

Period Value
1998 100
1999 105.18
2000 110.8
2001 117.11
2002 128.23
2003 135.52
2004 134.58
2005 137.36
2006 141.81
2007 150.57
2008 165.74
2009 177.7
2010 184.97
2011 194.21
2012 205.33
2013 217.21
2014 230.53
2015 240.99
2016 256.83
2017 270.14
2018 282.35
2019 293.98
2020 303.42
2021 317.41
2022-09 346.24
Today 350.08

All available years

Today's value of south african rand by year:

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 |

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