South Korea Inflation Calculator

Result: ₩100 in 1960 → ₩7,923.42 in 2022


Why a won today is worth only 1% of a won in 1960

Updated: January 12, 2022

₩100 in 1960 is equivalent in purchasing power to about ₩7,923.42 today, an increase of ₩7,823.42 over 62 years. The won had an average inflation rate of 7.31% per year between 1960 and today, producing a cumulative price increase of 7,823.42%.

This means that today's prices are 79.23 times higher than average prices since 1960, according to the World Bank consumer price index for South Korea. A won today only buys 1.26% of what it could buy back then.

The inflation rate in 1960 was 7.97%. The current year-over-year inflation rate (2021 to 2022) is now 0.54%. If this number holds, ₩100 today will be equivalent in buying power to ₩100.54 next year.


Inflation from 1960 to 2022
Cumulative price change 7,823.42%
Average inflation rate 7.31%
Converted amount (₩100 base) ₩7,923.42
Price difference (₩100 base) ₩7,823.42
CPI in 1960 1.080
CPI in 2022 85.546
Inflation in 1960 7.97%
Inflation in 2022 0.54%
₩100 in 1960 ₩7,923.42 in 2022

KRW Inflation since 1959
Annual Rate, the World Bank CPI
Download

Buying power of ₩100 in 1960

This chart shows a calculation of buying power equivalence for ₩100 in 1960 (price index tracking began in 1959).

For example, if you started with ₩100, you would need to end with ₩7,923.42 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When ₩100 is equivalent to ₩7,923.42 over time, that means that the "real value" of a single South Korean won decreases over time. In other words, a won will pay for fewer items at the store.

This effect explains how inflation erodes the value of a won over time. By calculating the value in 1960 dollars, the chart below shows how ₩100 is worth less over 62 years.

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

Won inflation: 1960-2022
Year Won Value Inflation Rate
1960 ₩100.00 7.97%
1961 ₩108.20 8.20%
1962 ₩115.36 6.62%
1963 ₩139.23 20.69%
1964 ₩180.25 29.46%
1965 ₩204.67 13.55%
1966 ₩227.71 11.26%
1967 ₩252.49 10.88%
1968 ₩279.69 10.77%
1969 ₩314.35 12.39%
1970 ₩364.48 15.95%
1971 ₩413.73 13.51%
1972 ₩462.09 11.69%
1973 ₩476.98 3.22%
1974 ₩592.90 24.30%
1975 ₩742.61 25.25%
1976 ₩856.43 15.33%
1977 ₩942.90 10.10%
1978 ₩1,079.24 14.46%
1979 ₩1,277.00 18.32%
1980 ₩1,643.47 28.70%
1981 ₩1,994.38 21.35%
1982 ₩2,137.79 7.19%
1983 ₩2,210.91 3.42%
1984 ₩2,261.19 2.27%
1985 ₩2,316.79 2.46%
1986 ₩2,380.51 2.75%
1987 ₩2,453.10 3.05%
1988 ₩2,628.40 7.15%
1989 ₩2,778.23 5.70%
1990 ₩3,016.42 8.57%
1991 ₩3,297.96 9.33%
1992 ₩3,502.85 6.21%
1993 ₩3,671.02 4.80%
1994 ₩3,901.04 6.27%
1995 ₩4,075.84 4.48%
1996 ₩4,276.56 4.92%
1997 ₩4,466.40 4.44%
1998 ₩4,801.98 7.51%
1999 ₩4,841.02 0.81%
2000 ₩4,950.38 2.26%
2001 ₩5,151.69 4.07%
2002 ₩5,294.00 2.76%
2003 ₩5,480.08 3.51%
2004 ₩5,676.85 3.59%
2005 ₩5,833.20 2.75%
2006 ₩5,963.97 2.24%
2007 ₩6,115.14 2.53%
2008 ₩6,400.95 4.67%
2009 ₩6,577.41 2.76%
2010 ₩6,770.73 2.94%
2011 ₩7,043.31 4.03%
2012 ₩7,197.36 2.19%
2013 ₩7,291.03 1.30%
2014 ₩7,383.97 1.27%
2015 ₩7,436.11 0.71%
2016 ₩7,508.37 0.97%
2017 ₩7,654.36 1.94%
2018 ₩7,767.33 1.48%
2019 ₩7,797.08 0.38%
2020 ₩7,838.97 0.54%
2021 ₩7,881.08 0.54%
2022 ₩7,923.42 0.54%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 56 more rows

This conversion table shows various other 1960 amounts in today's won, based on the 7,823.42% change in prices:

Conversion: 1960 won today
Initial value Equivalent value
₩1 won in 1960 ₩79.23 won today
₩5 won in 1960 ₩396.17 won today
₩10 won in 1960 ₩792.34 won today
₩50 won in 1960 ₩3,961.71 won today
₩100 won in 1960 ₩7,923.42 won today
₩500 won in 1960 ₩39,617.12 won today
₩1,000 won in 1960 ₩79,234.24 won today
₩5,000 won in 1960 ₩396,171.20 won today
₩10,000 won in 1960 ₩792,342.40 won today
₩50,000 won in 1960 ₩3,961,711.98 won today
₩100,000 won in 1960 ₩7,923,423.96 won today
₩500,000 won in 1960 ₩39,617,119.81 won today
₩1,000,000 won in 1960 ₩79,234,239.61 won today

How to Calculate Inflation Rate for ₩100 since 1960

Our calculations use the following inflation rate formula to calculate the change in value between 1960 and today:

CPI today CPI in 1960
×
1960 KRW value
=
Today's value

Then plug in historical CPI values. The South Korean CPI was 1.079655780389 in the year 1960 and 85.5457048004442 in 2022:

85.54570480044421.079655780389
×
₩100
=
₩7,923.42

₩100 in 1960 has the same "purchasing power" or "buying power" as ₩7,923.42 in 2022.

To get the total inflation rate for the 62 years between 1960 and 2022, we use the following formula:

CPI in 2022 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (62 years)

Plugging in the values to this equation, we get:

85.5457048004442 - 1.0796557803891.079655780389
×
100
=
7,823%

News headlines from 1960

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

  • Johnny Cash plays his first concert in a prison.
  • The Bank of France issues new franc currency, worth 100 times the value of old francs.
  • France grants independence to Cameroon (previously French Cameroon) after years of fighting.
  • Guided missiles are launched for the first time from a nuclear powered submarine

Data Source & Citation

You may use the following MLA citation for this page: “South Korea Inflation Calculator: World Bank data, 1960-2022 (KRW).” Official Inflation Data, Alioth Finance, 16 Jan. 2022, https://www.officialdata.org/south-korea/inflation.

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.

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Inflation from 1960 to 2022
Cumulative price change 7,823.42%
Average inflation rate 7.31%
Converted amount (₩100 base) ₩7,923.42
Price difference (₩100 base) ₩7,823.42
CPI in 1960 1.080
CPI in 2022 85.546
Inflation in 1960 7.97%
Inflation in 2022 0.54%
₩100 in 1960 ₩7,923.42 in 2022