Result: kr100 in 1956 → kr1,688.98 in 2023
The Norwegian Krone has lost 94% its value since 1956
Updated: February 14, 2022kr100 in 1956 is equivalent in purchasing power to about kr1,688.98 today, an increase of kr1,588.98 over 67 years. The krone had an average inflation rate of 4.31% per year between 1956 and today, producing a cumulative price increase of 1,588.98%.
This means that today's prices are 16.89 times as high as average prices since 1956, according to the OECD and the World Bank consumer price index for Norway. A krone today only buys 5.921% of what it could buy back then.
The inflation rate in 1956 was 3.80%. The current inflation rate compared to last year is now 6.30%. If this number holds, kr100 today will be equivalent in buying power to kr106.30 next year.
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| Cumulative price change | 1,588.98% |
| Average inflation rate | 4.31% |
| Converted amount kr100 base | kr1,688.98 |
| Price difference kr100 base | kr1,588.98 |
| CPI in 1956 | 7.496 |
| CPI in 2023 | 126.600 |
| Inflation in 1956 | 3.80% |
| Inflation in 2023 | 6.30% |
| kr100 in 1956 | kr1,688.98 in 2023 |
Buying power of kr100 in 1956
This chart shows a calculation of buying power equivalence for kr100 in 1956 (price index tracking began in 1955).
For example, if you started with kr100, you would need to end with kr1,688.98 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When kr100 is equivalent to kr1,688.98 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 1956 dollars, the chart below shows how kr100 is worth less over 67 years.
According to the OECD and the World Bank, each of these NOK 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 kroner, based on the 1,588.98% change in prices:
| Initial value | Equivalent value |
|---|---|
| kr1 krone in 1956 | kr16.89 kroner today |
| kr5 kroner in 1956 | kr84.45 kroner today |
| kr10 kroner in 1956 | kr168.90 kroner today |
| kr50 kroner in 1956 | kr844.49 kroner today |
| kr100 kroner in 1956 | kr1,688.98 kroner today |
| kr500 kroner in 1956 | kr8,444.92 kroner today |
| kr1,000 kroner in 1956 | kr16,889.83 kroner today |
| kr5,000 kroner in 1956 | kr84,449.17 kroner today |
| kr10,000 kroner in 1956 | kr168,898.34 kroner today |
| kr50,000 kroner in 1956 | kr844,491.72 kroner today |
| kr100,000 kroner in 1956 | kr1,688,983.44 kroner today |
| kr500,000 kroner in 1956 | kr8,444,917.19 kroner today |
| kr1,000,000 kroner in 1956 | kr16,889,834.39 kroner today |
How to calculate inflation rate for kr100 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 NOK value
=
Today's value
Then plug in historical CPI values. The Norwegian CPI was 7.495633 in the year 1956 and 126.6 in 2023:
126.67.495633
×
kr100
=
kr1,688.98
kr100 in 1956 has the same "purchasing power" or "buying power" as kr1,688.98 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:
126.6 - 7.4956337.495633
×
100
=
1,589%
Data source & citation
You may use the following MLA citation for this page: “Norway Inflation Calculator: World Bank data, 1956-2023 (NOK).” Official Inflation Data, Alioth Finance, 1 Apr. 2023, https://www.officialdata.org/norway/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 | 1,588.98% |
| Average inflation rate | 4.31% |
| Converted amount kr100 base | kr1,688.98 |
| Price difference kr100 base | kr1,588.98 |
| CPI in 1956 | 7.496 |
| CPI in 2023 | 126.600 |
| Inflation in 1956 | 3.80% |
| Inflation in 2023 | 6.30% |
| kr100 in 1956 | kr1,688.98 in 2023 |