New Zealand Inflation Calculator

$

Result:$100 in 1920 → $11,588.00 in 2025

The New Zealand dollar has lost 99.137% of its value since 1920

Updated: April 10, 2026

$100 in 1920 is equivalent in purchasing power to about $11,588.00 today, an increase of $11,488.00 over 105 years. The dollar had an average inflation rate of 4.63% per year between 1920 and today, producing a cumulative price increase of 11,488.00%.

This means that today's prices are 115.88 times as high as average prices since 1920, according to the OECD and the World Bank consumer price index for New Zealand. A dollar today only buys 0.863% of what it could buy back then.

The inflation rate in 1920 was 13.65%. The current inflation rate compared to the end of last year is now 2.78%. If this number holds, $100 today will be equivalent in buying power to $102.78 next year.

⌃
Inflation from 1920 to 2025
Cumulative price change 11,488.00%
Average inflation rate 4.63%
Converted amount
$100 base		 $11,588.00
Price difference
$100 base		 $11,488.00
CPI in 1920 1.158
CPI in 2025 134.203
Inflation in 1920 13.65%
Inflation in 2025 2.78%
$100 in 1920 $11,588.00 in 2025
NZD inflation since 1920
Annual Rate, the OECD and the World Bank CPI
Download

Buying power of $100 in 1920

This chart shows a calculation of buying power equivalence for $100 in 1920 (price index tracking began in 1915).

For example, if you started with $100, you would need to end with $11,588.00 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

Download

When $100 is equivalent to $11,588.00 over time, that means that the "real value" of a single New Zealand dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1920 dollars, the chart below shows how $100 is worth less over 105 years.

Download

According to the OECD and the World Bank, each of these NZD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 1920-2025
YearDollar ValueInflation Rate
1920$100.0013.65%
1921$103.293.29%
1922$92.02-10.92%
1923$89.61-2.62%
1924$91.542.16%
1925$138.1150.88%
1926$185.0033.95%
1927$183.50-0.81%
1928$183.640.08%
1929$183.12-0.28%
1930$179.49-1.98%
1931$165.56-7.76%
1932$152.63-7.81%
1933$145.68-4.55%
1934$147.691.38%
1935$153.223.74%
1936$157.562.83%
1937$168.627.02%
1938$173.552.93%
1939$181.504.58%
1940$189.044.15%
1941$196.073.72%
1942$202.473.26%
1943$207.402.44%
1944$211.011.74%
1945$213.891.36%
1946$215.530.77%
1947$222.613.29%
1948$240.027.82%
1949$243.991.66%
1950$257.915.70%
1951$286.3311.02%
1952$308.537.75%
1953$322.504.53%
1954$337.384.61%
1955$345.852.51%
1956$357.913.49%
1957$365.692.17%
1958$381.954.45%
1959$396.573.83%
1960$399.340.70%
1961$406.521.80%
1962$417.412.68%
1963$425.631.97%
1964$440.423.47%
1965$455.383.40%
1966$467.932.76%
1967$496.276.06%
1968$517.674.31%
1969$543.174.93%
1970$578.576.52%
1971$638.6710.39%
1972$682.956.93%
1973$738.728.17%
1974$820.7911.11%
1975$941.3214.68%
1976$1,100.4716.91%
1977$1,258.7514.38%
1978$1,409.2611.96%
1979$1,602.3213.70%
1980$1,877.1317.15%
1981$2,165.6415.37%
1982$2,515.6916.16%
1983$2,700.377.34%
1984$2,867.026.17%
1985$3,309.0415.42%
1986$3,746.2813.21%
1987$4,336.1115.74%
1988$4,612.556.38%
1989$4,876.205.72%
1990$5,173.576.10%
1991$5,308.212.60%
1992$5,362.061.01%
1993$5,431.141.29%
1994$5,525.931.75%
1995$5,733.433.75%
1996$5,864.482.29%
1997$5,934.101.19%
1998$6,009.181.27%
1999$6,002.31-0.11%
2000$6,159.282.62%
2001$6,321.022.63%
2002$6,490.242.68%
2003$6,604.051.75%
2004$6,755.302.29%
2005$6,960.453.04%
2006$7,194.703.37%
2007$7,365.662.38%
2008$7,657.263.96%
2009$7,819.262.12%
2010$7,999.262.30%
2011$8,321.474.03%
2012$8,409.671.06%
2013$8,505.071.13%
2014$8,609.471.23%
2015$8,634.670.29%
2016$8,690.470.65%
2017$8,851.311.85%
2018$8,992.781.60%
2019$9,138.431.62%
2020$9,295.121.71%
2021$9,661.443.94%
2022$10,354.397.17%
2023$10,948.035.73%
2024$11,268.012.92%
2025$11,588.002.84%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 99 more rows

This conversion table shows various other 1920 amounts in today's dollars, based on the 11,488.00% change in prices:

Conversion: 1920 dollars today
Initial valueEquivalent value
$1 dollar in 1920 $115.88 dollars today
$5 dollars in 1920 $579.40 dollars today
$10 dollars in 1920 $1,158.80 dollars today
$50 dollars in 1920 $5,794.00 dollars today
$100 dollars in 1920 $11,588.00 dollars today
$500 dollars in 1920 $57,940.01 dollars today
$1,000 dollars in 1920 $115,880.02 dollars today
$5,000 dollars in 1920 $579,400.10 dollars today
$10,000 dollars in 1920 $1,158,800.20 dollars today
$50,000 dollars in 1920 $5,794,000.98 dollars today
$100,000 dollars in 1920 $11,588,001.95 dollars today
$500,000 dollars in 1920 $57,940,009.77 dollars today
$1,000,000 dollars in 1920 $115,880,019.55 dollars today

How to calculate inflation rate for $100 since 1920

Our calculations use the following inflation rate formula to calculate the change in value between 1920 and today:

CPI todayCPI in 1920
×
1920 NZD value
=
Today's value

Then plug in historical CPI values. The New Zealand CPI was 1.158122 in the year 1920 and 134.2032 in 2025:

134.20321.158122
×
$100
=
$11,588.00

$100 in 1920 has the same "purchasing power" or "buying power" as $11,588.00 in 2025.

To get the total inflation rate for the 105 years between 1920 and 2025, we use the following formula:

CPI in 2025 - CPI in 1920CPI in 1920
×
100
=
Cumulative inflation rate (105 years)

Plugging in the values to this equation, we get:

134.2032 - 1.1581221.158122
×
100
=
11,488%

Data source & citation

You may use the following MLA citation for this page: “Value of 1920 New Zealand dollars today | New Zealand Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Apr. 2026, https://www.officialdata.org/new-zealand/inflation/1920.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter

» Read more about inflation and investment.

Inflation from 1920 to 2025
Cumulative price change 11,488.00%
Average inflation rate 4.63%
Converted amount
$100 base		 $11,588.00
Price difference
$100 base		 $11,488.00
CPI in 1920 1.158
CPI in 2025 134.203
Inflation in 1920 13.65%
Inflation in 2025 2.78%
$100 in 1920 $11,588.00 in 2025