Norway Inflation Calculator

kr

Result: kr100 in 1961 → kr1,332.37 in 2020


Norwegian Inflation Rate, kr100 from 1961 to 2020

Updated: March 11, 2020

According to the World Bank consumer price index for Norway, today's prices in 2020 are 1,232.37% higher than average prices since 1961. The Norwegian Krone experienced an average inflation rate of 4.49% per year during this period, meaning the real value of a krone decreased.

In other words, kr100 in 1961 is equivalent in purchasing power to about kr1,332.37 in 2020, a difference of kr1,232.37 over 59 years. This inflation data is collected by the World Bank and is specific to Norway.

The 1961 inflation rate was 2.16%. The current inflation rate (2019 to 2020) is now 2.17%1. If this number holds, kr100 today will be equivalent in buying power to kr102.17 next year.


Inflation from 1961 to 2020
Cumulative price change 1,232.37%
Average inflation rate 4.49%
Converted amount (kr100 base) kr1,332.37
Price difference (kr100 base) kr1,232.37
CPI in 1961 9.222
CPI in 2020 122.877
Inflation in 1961 2.16%
Inflation in 2020 2.17%

NOK Inflation since 1960
Annual Rate, the World Bank CPI
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Buying power of kr100 in 1961

This chart shows a calculation of buying power equivalence for kr100 in 1961 (price index tracking began in 1960).

For example, if you started with kr100, you would need to end with kr1,332.37 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When kr100 is equivalent to kr1,332.37 over time, that means that the "real value" of a single Norwegian krone decreases over time. In other words, a krone will pay for fewer items at the store.

This effect explains how inflation erodes the value of a krone over time. By calculating the value in 1961 dollars, the chart below shows how kr100 buys less over the past 59 years.

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

Year Krone Value Inflation Rate
1961 kr100.00 2.16%
1962 kr105.27 5.27%
1963 kr107.88 2.47%
1964 kr114.21 5.87%
1965 kr118.99 4.19%
1966 kr122.86 3.25%
1967 kr128.48 4.58%
1968 kr132.91 3.45%
1969 kr136.85 2.96%
1970 kr151.41 10.64%
1971 kr160.83 6.22%
1972 kr172.50 7.26%
1973 kr185.30 7.42%
1974 kr202.74 9.41%
1975 kr226.44 11.69%
1976 kr247.19 9.16%
1977 kr269.69 9.10%
1978 kr291.70 8.16%
1979 kr304.86 4.51%
1980 kr338.02 10.88%
1981 kr384.14 13.64%
1982 kr427.70 11.34%
1983 kr463.91 8.47%
1984 kr492.76 6.22%
1985 kr520.92 5.71%
1986 kr558.30 7.18%
1987 kr606.97 8.72%
1988 kr647.49 6.68%
1989 kr676.93 4.55%
1990 kr704.89 4.13%
1991 kr729.12 3.44%
1992 kr746.10 2.33%
1993 kr763.17 2.29%
1994 kr773.67 1.38%
1995 kr792.71 2.46%
1996 kr802.71 1.26%
1997 kr823.32 2.57%
1998 kr841.86 2.25%
1999 kr861.78 2.37%
2000 kr888.37 3.09%
2001 kr915.06 3.00%
2002 kr926.84 1.29%
2003 kr949.89 2.49%
2004 kr954.21 0.45%
2005 kr968.83 1.53%
2006 kr991.40 2.33%
2007 kr998.46 0.71%
2008 kr1,035.94 3.75%
2009 kr1,058.71 2.20%
2010 kr1,084.32 2.42%
2011 kr1,098.25 1.28%
2012 kr1,105.90 0.70%
2013 kr1,129.35 2.12%
2014 kr1,152.41 2.04%
2015 kr1,177.43 2.17%
2016 kr1,219.23 3.55%
2017 kr1,242.09 1.88%
2018 kr1,276.43 2.76%
2019 kr1,304.10 2.17%
2020 kr1,332.37 2.17%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 53 more rows

How to Calculate Inflation Rate for kr100 since 1961

This inflation calculator uses the following inflation rate formula:

CPI in 2020CPI in 1961
×
1961 NOK value
=
2020 NOK value

Then plug in historical CPI values. The Norwegian CPI was 9.2223974301 in the year 1961 and 122.87678037004717 in 2020:

122.876780370047179.2223974301
×
kr100
=
kr1,332.37

kr100 in 1961 has the same "purchasing power" or "buying power" as kr1,332.37 in 2020.

To get the total inflation rate for the 59 years between 1961 and 2020, we use the following formula:

CPI in 2020 - CPI in 1961CPI in 1961
×
100
=
Cumulative inflation rate (59 years)

Plugging in the values to this equation, we get:

122.87678037004717 - 9.22239743019.2223974301
×
100
=
1,232%

News headlines from 1961

Politics and news often influence economic performance. Here's what was happening at the time:

  • A dog named Chernushka, frogs, and a guinea pig orbit the Earth in the Soviet flight Sputnik 9.
  • Nelson Mandela is acquitted of treason after a four-and-a-half year trial.

Data Source & Citation

You may use the following MLA citation for this page: “Norway Inflation Calculator: World Bank data, 1961-2020 (NOK).” Official Inflation Data, Alioth Finance, 30 Mar. 2020, https://www.officialdata.org/norway/inflation.

Special thanks to QuickChart for providing downloadable chart images.


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.

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» Read more about inflation and investment.

Inflation from 1961 to 2020
Cumulative price change 1,232.37%
Average inflation rate 4.49%
Converted amount (kr100 base) kr1,332.37
Price difference (kr100 base) kr1,232.37
CPI in 1961 9.222
CPI in 2020 122.877
Inflation in 1961 2.16%
Inflation in 2020 2.17%