Result: ₩5,500,000 in 2020 → ₩4,941,749.80 in 2011
₩5,500,000 in 2020 is equivalent in purchasing power to about ₩4,941,749.80 in 2011, an increase of ₩-558,250.20 over 9 years. The won had an average inflation rate of 1.20% per year between 2011 and 2020, producing a cumulative price increase of -10.15%.
This means that prices in 2011 are 10.15% lower than average prices since 2020, according to the OECD and the World Bank consumer price index for South Korea.
The inflation rate in 2011 was 4.03%. The inflation rate in 2020 was 0.54%. The 2020 inflation rate is lower compared to the average inflation rate of 3.48% per year between 2020 and 2024.
Cumulative price change | -10.15% |
Average inflation rate | 1.20% |
Converted amount ₩5,500,000 base | ₩4,941,749.80 |
Price difference ₩5,500,000 base | ₩-558,250.20 |
CPI in 2020 | 105.418 |
CPI in 2011 | 94.718 |
Inflation in 2011 | 4.03% |
Inflation in 2020 | 0.54% |
₩5,500,000 in 2020 | ₩4,941,749.80 in 2011 |
This chart shows a calculation of buying power equivalence for ₩5,500,000 in 2011 (price index tracking began in 1951).
For example, if you started with ₩5,500,000, you would need to end with ₩4,941,749.80 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When ₩5,500,000 is equivalent to ₩4,941,749.80 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 2011 dollars, the chart below shows how ₩5,500,000 is worth less over 9 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 2011 amounts in 2020 won, based on the -10.15% change in prices:
Initial value | Equivalent value |
---|---|
₩1 won in 2011 | ₩1.11 won in 2020 |
₩5 won in 2011 | ₩5.56 won in 2020 |
₩10 won in 2011 | ₩11.13 won in 2020 |
₩50 won in 2011 | ₩55.65 won in 2020 |
₩100 won in 2011 | ₩111.30 won in 2020 |
₩500 won in 2011 | ₩556.48 won in 2020 |
₩1,000 won in 2011 | ₩1,112.97 won in 2020 |
₩5,000 won in 2011 | ₩5,564.83 won in 2020 |
₩10,000 won in 2011 | ₩11,129.66 won in 2020 |
₩50,000 won in 2011 | ₩55,648.30 won in 2020 |
₩100,000 won in 2011 | ₩111,296.61 won in 2020 |
₩500,000 won in 2011 | ₩556,483.05 won in 2020 |
₩1,000,000 won in 2011 | ₩1,112,966.10 won in 2020 |
Our calculations use the following inflation rate formula to calculate the change in value between 2011 and 2020:
Then plug in historical CPI values. The South Korean CPI was 105.4175 in the year 2020 and 94.71762 in 2011:
₩5,500,000 in 2020 has the same "purchasing power" or "buying power" as ₩4,941,749.80 in 2011.
To get the total inflation rate for the 9 years between 2011 and 2020, we use the following formula:
Plugging in the values to this equation, we get:
You may use the following MLA citation for this page: “₩5,500,000 in 2020 → 2011 | South Korea Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Mar. 2024, https://www.officialdata.org/south-korea/inflation/2020?endYear=2011&amount=5500000.
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 | -10.15% |
Average inflation rate | 1.20% |
Converted amount ₩5,500,000 base | ₩4,941,749.80 |
Price difference ₩5,500,000 base | ₩-558,250.20 |
CPI in 2020 | 105.418 |
CPI in 2011 | 94.718 |
Inflation in 2011 | 4.03% |
Inflation in 2020 | 0.54% |
₩5,500,000 in 2020 | ₩4,941,749.80 in 2011 |