Result: €100 in 1956 → €11,144.80 in 2023
Money in Greece has lost 99.103% of its value since 1956
Updated: November 14, 2023€100 in 1956 is equivalent in purchasing power to about €11,144.80 today, an increase of €11,044.80 over 67 years. The euro had an average inflation rate of 7.29% per year between 1956 and today, producing a cumulative price increase of 11,044.80%.
This means that today's prices are 111.45 times as high as average prices since 1956, according to the OECD and the World Bank consumer price index for Greece. A euro today only buys 0.897% of what it could buy back then. Currency values from before Greece began using the Euro are converted for the purpose of these calculations by the OECD.
The inflation rate in 1956 was 3.63%. The current inflation rate compared to last year is now 3.40%. If this number holds, €100 today will be equivalent in buying power to €103.40 next year.
⌃
| Cumulative price change | 11,044.80% |
| Average inflation rate | 7.29% |
| Converted amount €100 base | €11,144.80 |
| Price difference €100 base | €11,044.80 |
| CPI in 1956 | 1.031 |
| CPI in 2023 | 114.861 |
| Inflation in 1956 | 3.63% |
| Inflation in 2023 | 3.40% |
| €100 in 1956 | €11,144.80 in 2023 |
Buying power of €100 in 1956
This chart shows a calculation of buying power equivalence for €100 in 1956 (price index tracking began in 1955).
For example, if you started with €100, you would need to end with €11,144.80 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When €100 is equivalent to €11,144.80 over time, that means that the "real value" of a single Greece euro decreases over time. In other words, a euro will pay for fewer items at the store.
This effect explains how inflation erodes the value of a euro over time. By calculating the value in 1956 dollars, the chart below shows how €100 is worth less over 67 years.
According to the OECD and the World Bank, each of these EUR amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1956 amounts in today's euros, based on the 11,044.80% change in prices:
| Initial value | Equivalent value |
|---|---|
| €1 euro in 1956 | €111.45 euros today |
| €5 euros in 1956 | €557.24 euros today |
| €10 euros in 1956 | €1,114.48 euros today |
| €50 euros in 1956 | €5,572.40 euros today |
| €100 euros in 1956 | €11,144.80 euros today |
| €500 euros in 1956 | €55,724.01 euros today |
| €1,000 euros in 1956 | €111,448.02 euros today |
| €5,000 euros in 1956 | €557,240.08 euros today |
| €10,000 euros in 1956 | €1,114,480.16 euros today |
| €50,000 euros in 1956 | €5,572,400.80 euros today |
| €100,000 euros in 1956 | €11,144,801.60 euros today |
| €500,000 euros in 1956 | €55,724,007.98 euros today |
| €1,000,000 euros in 1956 | €111,448,015.96 euros today |
How to calculate inflation rate for €100 since 1956
Our calculations use the following inflation rate formula to calculate the change in value between 1956 and today:
CPI today CPI in 1956
×
1956 EUR value
=
Today's value
Then plug in historical CPI values. The Greece CPI was 1.030624 in the year 1956 and 114.861 in 2023:
114.8611.030624
×
€100
=
€11,144.80
€100 in 1956 has the same "purchasing power" or "buying power" as €11,144.80 in 2023.
To get the total inflation rate for the 67 years between 1956 and 2023, we use the following formula:
CPI in 2023 - CPI in 1956CPI in 1956
×
100
=
Cumulative inflation rate (67 years)
Plugging in the values to this equation, we get:
114.861 - 1.0306241.030624
×
100
=
11,045%
Data source & citation
You may use the following MLA citation for this page: “Greece Inflation Calculator: World Bank data, 1956-2023 (EUR).” Official Inflation Data, Alioth Finance, 22 Nov. 2023, https://www.officialdata.org/greece/inflation.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 11,044.80% |
| Average inflation rate | 7.29% |
| Converted amount €100 base | €11,144.80 |
| Price difference €100 base | €11,044.80 |
| CPI in 1956 | 1.031 |
| CPI in 2023 | 114.861 |
| Inflation in 1956 | 3.63% |
| Inflation in 2023 | 3.40% |
| €100 in 1956 | €11,144.80 in 2023 |