Value of 1991 South African Rand today

R100 in 1991

R701.89 in 2024

The inflation rate in South Africa between 1991 and today has been 601.89%, which translates into a total increase of R601.89. This means that 100 rand in 1991 are equivalent to 701.89 rand in 2024. In other words, the purchasing power of R100 in 1991 equals R701.89 today. The average annual inflation rate between these periods has been 6.08%.

Inflation timeline in South Africa (1991 - 2024)

The following chart depicts the equivalence of R100 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 1991-2023	564.27%
Cumulative inflation 1991-today	601.89%
Avg. Annual inflation 1991-2023	6.1%
CPI 1991	22.51
CPI 2023	149.54
CPI 2024-09 (latest official data)	157.17
CPI today	158.01

How to calculate today's value of money after inflation?

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.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Value_t =Value₀ ×

CPI_t/CPI₀

To obtain the values equivalent in buying power between 1991 and 2023, use the corresponding CPI values:

Value₂₀₂₃

=Value₁₉₉₁ ×

CPI₂₀₂₃/CPI₁₉₉₁

=R 100 ×

149.54/22.51

≈R664.27

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 158.01:

Value_today

=Value₁₉₉₁ ×

CPI_today/CPI₁₉₉₁

=R 100 ×

158.01/22.51

≈R701.89

Alternative: Using the compound interest formula

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:

FV: Future Value
PV: Present Value
i: Interest rate (inflation)
n: Number of times the interest is compounded (i.e. # of years)

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 are R100 worth today. There are 32 years between 1991 and 2023 and the average inflation rate was 6.0958%. Therefore, we can resolve the formula like this:

Value₂₀₂₃

=PV × (1 + i)ⁿ

=R100 × (1 + 0.060958)³²

≈R664.27

South Africa inflation - Conversion table

Initial Value		Equivalent value
R1 rand in 1991	→	R6.64 rand in 2023
R5 rand in 1991	→	R33.21 rand in 2023
R10 rand in 1991	→	R66.43 rand in 2023
R50 rand in 1991	→	R332.14 rand in 2023
R100 rand in 1991	→	R664.27 rand in 2023
R500 rand in 1991	→	R3,321.37 rand in 2023
R1,000 rand in 1991	→	R6,642.74 rand in 2023
R5,000 rand in 1991	→	R33,213.72 rand in 2023
R10,000 rand in 1991	→	R66,427.44 rand in 2023
R50,000 rand in 1991	→	R332,137.18 rand in 2023
R100,000 rand in 1991	→	R664,274.36 rand in 2023
R500,000 rand in 1991	→	R3,321,371.79 rand in 2023
R1,000,000 rand in 1991	→	R6,642,743.59 rand in 2023

Cumulative inflation From 1991	601.89%
Avg. annual inflation From 1991	6.08%
CPI 1991	22.51
CPI today	158.01

Value of Rand over time (by year)

Period	Value
1991	100
1992	113.87
1993	124.94
1994	136.11
1995	147.92
1996	158.8
1997	172.45
1998	184.32
1999	193.87
2000	204.22
2001	215.87
2002	236.36
2003	249.79
2004	248.06
2005	253.17
2006	261.39
2007	277.54
2008	305.5
2009	327.54
2010	340.93
2011	357.98
2012	378.47
2013	400.36
2014	424.91
2015	444.2
2016	473.39
2017	497.93
2018	520.42
2019	541.87
2020	559.26
2021	585.05
2022	626.24
2023	664.27
2024-09	698.16
Today	701.89