Result: ₩2,000,000 in 2020 → ₩1,633,111.58 in 2008
Value of ₩2,000,000 from 2020 to 2008
₩2,000,000 in 2020 is equivalent in purchasing power to about ₩1,633,111.58 in 2008, an increase of ₩-366,888.42 over 12 years. The won had an average inflation rate of 1.70% per year between 2008 and 2020, producing a cumulative price increase of -18.34%.
This means that prices in 2008 are 18.34% lower than average prices since 2020, according to the OECD and the World Bank consumer price index for South Korea.
The inflation rate in 2008 was 4.67%. The inflation rate in 2020 was 0.54%. The 2020 inflation rate is lower compared to the average inflation rate of 3.47% per year between 2020 and 2024.
⌃
| Cumulative price change | -18.34% |
| Average inflation rate | 1.70% |
| Converted amount ₩2,000,000 base | ₩1,633,111.58 |
| Price difference ₩2,000,000 base | ₩-366,888.42 |
| CPI in 2020 | 105.418 |
| CPI in 2008 | 86.079 |
| Inflation in 2008 | 4.67% |
| Inflation in 2020 | 0.54% |
| ₩2,000,000 in 2020 | ₩1,633,111.58 in 2008 |
Buying power of ₩2,000,000 in 2008
This chart shows a calculation of buying power equivalence for ₩2,000,000 in 2008 (price index tracking began in 1951).
For example, if you started with ₩2,000,000, you would need to end with ₩1,633,111.58 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When ₩2,000,000 is equivalent to ₩1,633,111.58 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 2008 dollars, the chart below shows how ₩2,000,000 is worth less over 12 years.
According to the OECD and the World Bank, each of these KRW amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 2008 amounts in 2020 won, based on the -18.34% change in prices:
| Initial value | Equivalent value |
|---|---|
| ₩1 won in 2008 | ₩1.22 won in 2020 |
| ₩5 won in 2008 | ₩6.12 won in 2020 |
| ₩10 won in 2008 | ₩12.25 won in 2020 |
| ₩50 won in 2008 | ₩61.23 won in 2020 |
| ₩100 won in 2008 | ₩122.47 won in 2020 |
| ₩500 won in 2008 | ₩612.33 won in 2020 |
| ₩1,000 won in 2008 | ₩1,224.66 won in 2020 |
| ₩5,000 won in 2008 | ₩6,123.28 won in 2020 |
| ₩10,000 won in 2008 | ₩12,246.56 won in 2020 |
| ₩50,000 won in 2008 | ₩61,232.80 won in 2020 |
| ₩100,000 won in 2008 | ₩122,465.61 won in 2020 |
| ₩500,000 won in 2008 | ₩612,328.03 won in 2020 |
| ₩1,000,000 won in 2008 | ₩1,224,656.06 won in 2020 |
How to calculate inflation rate for ₩2,000,000, 2008 to 2020
Our calculations use the following inflation rate formula to calculate the change in value between 2008 and 2020:
CPI in 2008 CPI in 2020
×
2020 KRW value
=
2008 KRW value
Then plug in historical CPI values. The South Korean CPI was 105.4175 in the year 2020 and 86.07927 in 2008:
86.07927105.4175
×
₩2,000,000
=
₩1,633,111.58
₩2,000,000 in 2020 has the same "purchasing power" or "buying power" as ₩1,633,111.58 in 2008.
To get the total inflation rate for the 12 years between 2008 and 2020, we use the following formula:
CPI in 2008 - CPI in 2020CPI in 2020
×
100
=
Cumulative inflation rate (12 years)
Plugging in the values to this equation, we get:
86.07927 - 105.4175105.4175
×
100
=
-18%
Data source & citation
You may use the following MLA citation for this page: “₩2,000,000 in 2020 → 2008 | South Korea Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Apr. 2024, https://www.officialdata.org/south-korea/inflation/2020?endYear=2008&amount=2000000.
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 | -18.34% |
| Average inflation rate | 1.70% |
| Converted amount ₩2,000,000 base | ₩1,633,111.58 |
| Price difference ₩2,000,000 base | ₩-366,888.42 |
| CPI in 2020 | 105.418 |
| CPI in 2008 | 86.079 |
| Inflation in 2008 | 4.67% |
| Inflation in 2020 | 0.54% |
| ₩2,000,000 in 2020 | ₩1,633,111.58 in 2008 |