Value of 1998 South African Rand today

R100 in 1998

R323.04 today

The inflation rate in South Africa between 1998 and today has been 223.04%, which translates into a total increase of R223.04. This means that 100 rand in 1998 are equivalent to 323.04 rand in 2021. In other words, the purchasing power of R100 in 1998 equals R323.04 today. The average annual inflation rate has been 5.01%.

Inflation timeline in South Africa (1998-2022)

The following chart depicts the equivalence of R100 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 (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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1998-2021) 222.4%
Total Inflation* 223.04%
Annual inflation avg. (1998-2021) 5.22%
Annual inflation avg.* 5.01%
CPI 1998 39.56
CPI 2021 127.53
CPI today* 127.78
R1 in 1998 R3.22 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 R100 worth today. There are 23 years between 1998 and 2021 and the average inflation rate has been 5.0071%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = R100 * (1 + 0.05)23 = R322.4

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 1998 was 39.56 and the CPI today is 127.78. Therefore,

Final value = Initial value *
CPI final/CPI initial
= R100 *
= R322.4

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 1998 R3.23 rand today
R5 rand in 1998 R16.15 rand today
R10 rand in 1998 R32.3 rand today
R50 rand in 1998 R161.52 rand today
R100 rand in 1998 R323.04 rand today
R500 rand in 1998 R1,615.19 rand today
R1,000 rand in 1998 R3,230.37 rand today
R5,000 rand in 1998 R16,151.86 rand today
R10,000 rand in 1998 R32,303.72 rand today
R50,000 rand in 1998 R161,518.61 rand today
R100,000 rand in 1998 R323,037.22 rand today
R500,000 rand in 1998 R1,615,186.11 rand today
R1,000,000 rand in 1998 R3,230,372.21 rand today

Value of Rand over time (by year)

Period Value
1998 100
1999 108.95
2000 111.4
2001 119.19
2002 124.65
2003 141.49
2004 139.18
2005 142.24
2006 145.11
2007 152.1
2008 163.61
2009 178.84
2010 189.86
2011 196.2
2012 208.6
2013 220.72
2014 232.29
2015 244.69
2016 257.37
2017 275.56
2018 287.96
2019 300.63
2020 312.76
2021 322.4
Today 323.04