R

Value of 2008 South African Rand today

R100 in 2008
R229.49 in 2024

The inflation rate in South Africa between 2008 and today has been 129.49%, which translates into a total increase of R129.49. This means that 100 rand in 2008 are equivalent to 229.49 rand in 2024. In other words, the purchasing power of R100 in 2008 equals R229.49 today. The average annual inflation rate between these periods has been 5.33%.

Inflation timeline in South Africa (2008 - 2024)

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 2008-2023 117.44%
Cumulative inflation 2008-today 129.49%
Avg. Annual inflation 2008-2023 5.31%
CPI 2008 68.77
CPI 2023 149.54
CPI 2024-08 (latest official data) 157.04
CPI today 157.83

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 2008 and 2023, use the corresponding CPI values:

Value2023
=Value2008 ×
CPI2023/CPI2008
=R 100 ×
149.54/68.77
R217.44

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 157.83:

Valuetoday
=Value2008 ×
CPItoday/CPI2008
=R 100 ×
157.83/68.77
R229.49

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 15 years between 2008 and 2023 and the average inflation rate was 5.3148%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=R100 × (1 + 0.053148)15
R217.44

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 2008 R2.17 rand in 2023
R5 rand in 2008 R10.87 rand in 2023
R10 rand in 2008 R21.74 rand in 2023
R50 rand in 2008 R108.72 rand in 2023
R100 rand in 2008 R217.44 rand in 2023
R500 rand in 2008 R1,087.21 rand in 2023
R1,000 rand in 2008 R2,174.41 rand in 2023
R5,000 rand in 2008 R10,872.06 rand in 2023
R10,000 rand in 2008 R21,744.11 rand in 2023
R50,000 rand in 2008 R108,720.57 rand in 2023
R100,000 rand in 2008 R217,441.15 rand in 2023
R500,000 rand in 2008 R1,087,205.73 rand in 2023
R1,000,000 rand in 2008 R2,174,411.46 rand in 2023
Cumulative inflation From 2008 129.49%
Avg. annual inflation From 2008 5.33%
CPI 2008 68.77
CPI today 157.83

Value of Rand over time (by year)

Period Value
2008 100
2009 107.22
2010 111.6
2011 117.18
2012 123.89
2013 131.05
2014 139.09
2015 145.4
2016 154.96
2017 162.99
2018 170.35
2019 177.37
2020 183.07
2021 191.51
2022 204.99
2023 217.44
2024-08 228.34
Today 229.49

All available years

Today's value of south african rand by year:

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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