The inflation rate in South Africa between 1961 and today has been 11,224.19%, which translates into a total increase of R112.24. This means that 1 rand in 1961 are equivalent to 113.24 rand in 2024. In other words, the purchasing power of R1 in 1961 equals R113.24 today. The average annual inflation rate between these periods has been 7.8%.
The following chart depicts the equivalence of R1 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.
All calculations are performed in the local currency (ZAR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.
The following table contains relevant indicators:
| Indicator | Value |
|---|---|
| Cumulative inflation 1961-2023 | 10,666.26% |
| Cumulative inflation 1961-today | 11,224.19% |
| Avg. Annual inflation 1961-2023 | 7.84% |
| CPI 1961 | 1.39 |
| CPI 2023 | 149.54 |
| CPI 2024-11 (latest official data) | 157.04 |
| CPI today | 157.29 |
There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.
When we have both the start and end years, we can use the following formula:
To obtain the values equivalent in buying power between 1961 and 2023, use the corresponding CPI values:
To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 157.29:
Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:
In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much is R1 worth today. There are 62 years between 1961 and 2023 and the average inflation rate was 7.8388%. Therefore, we can resolve the formula like this:
| Initial Value | Equivalent value | |
|---|---|---|
| R1 rand in 1961 | → | R107.66 rand in 2023 |
| R5 rand in 1961 | → | R538.31 rand in 2023 |
| R10 rand in 1961 | → | R1,076.63 rand in 2023 |
| R50 rand in 1961 | → | R5,383.13 rand in 2023 |
| R100 rand in 1961 | → | R10,766.26 rand in 2023 |
| R500 rand in 1961 | → | R53,831.29 rand in 2023 |
| R1,000 rand in 1961 | → | R107,662.59 rand in 2023 |
| R5,000 rand in 1961 | → | R538,312.93 rand in 2023 |
| R10,000 rand in 1961 | → | R1,076,625.85 rand in 2023 |
| R50,000 rand in 1961 | → | R5,383,129.27 rand in 2023 |
| R100,000 rand in 1961 | → | R10,766,258.53 rand in 2023 |
| R500,000 rand in 1961 | → | R53,831,292.67 rand in 2023 |
| R1,000,000 rand in 1961 | → | R107,662,585.34 rand in 2023 |
| Cumulative inflation From 1961 | 11,224.19% |
| Avg. annual inflation From 1961 | 7.8% |
| CPI 1961 | 1.39 |
| CPI today | 157.29 |
| Period | Value |
|---|---|
| 1961 | 1 |
| 1962 | 1.01 |
| 1963 | 1.03 |
| 1964 | 1.05 |
| 1965 | 1.09 |
| 1966 | 1.13 |
| 1967 | 1.17 |
| 1968 | 1.2 |
| 1969 | 1.24 |
| 1970 | 1.3 |
| 1971 | 1.37 |
| 1972 | 1.46 |
| 1973 | 1.6 |
| 1974 | 1.79 |
| 1975 | 2.03 |
| 1976 | 2.25 |
| 1977 | 2.5 |
| 1978 | 2.78 |
| 1979 | 3.15 |
| 1980 | 3.58 |
| 1981 | 4.13 |
| 1982 | 4.73 |
| 1983 | 5.31 |
| 1984 | 5.93 |
| 1985 | 6.89 |
| 1986 | 8.18 |
| 1987 | 9.5 |
| 1988 | 10.71 |
| 1989 | 12.29 |
| 1990 | 14.05 |
| 1991 | 16.21 |
| 1992 | 18.46 |
| 1993 | 20.25 |
| 1994 | 22.06 |
| 1995 | 23.97 |
| 1996 | 25.74 |
| 1997 | 27.95 |
| 1998 | 29.87 |
| 1999 | 31.42 |
| 2000 | 33.1 |
| 2001 | 34.99 |
| 2002 | 38.31 |
| 2003 | 40.48 |
| 2004 | 40.2 |
| 2005 | 41.03 |
| 2006 | 42.36 |
| 2007 | 44.98 |
| 2008 | 49.51 |
| 2009 | 53.09 |
| 2010 | 55.26 |
| 2011 | 58.02 |
| 2012 | 61.34 |
| 2013 | 64.89 |
| 2014 | 68.87 |
| 2015 | 71.99 |
| 2016 | 76.72 |
| 2017 | 80.7 |
| 2018 | 84.35 |
| 2019 | 87.82 |
| 2020 | 90.64 |
| 2021 | 94.82 |
| 2022 | 101.5 |
| 2023 | 107.66 |
| 2024-11 | 113.06 |
| Today | 113.24 |
All available years
Today's value of south african rand by year:
1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Other currencies: