Value of 1988 South Korean Won today

₩100 in 1988

₩342.38 in 2024

The inflation rate in South Korea between 1988 and today has been 242.38%, which translates into a total increase of ₩242.38. This means that 100 won in 1988 are equivalent to 342.38 won in 2024. In other words, the purchasing power of ₩100 in 1988 equals ₩342.38 today. The average annual inflation rate between these periods has been 3.48%.

Inflation timeline in South Korea (1988 - 2024)

The following chart depicts the equivalence of ₩100 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 (KRW) 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 1988-2023	232.8%
Cumulative inflation 1988-today	242.38%
Avg. Annual inflation 1988-2023	3.5%
CPI 1988	35.35
CPI 2023	117.64
CPI 2024-09 (latest official data)	120.86
CPI today	121.02

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 1988 and 2023, use the corresponding CPI values:

Value₂₀₂₃

=Value₁₉₈₈ ×

CPI₂₀₂₃/CPI₁₉₈₈

=₩ 100 ×

117.64/35.35

≈₩332.8

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 121.02:

Value_today

=Value₁₉₈₈ ×

CPI_today/CPI₁₉₈₈

=₩ 100 ×

121.02/35.35

≈₩342.38

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 ₩100 worth today. There are 35 years between 1988 and 2023 and the average inflation rate was 3.4951%. Therefore, we can resolve the formula like this:

Value₂₀₂₃

=PV × (1 + i)ⁿ

=₩100 × (1 + 0.034951)³⁵

≈₩332.8

South Korea inflation - Conversion table

Initial Value		Equivalent value
₩1 won in 1988	→	₩3.33 won in 2023
₩5 won in 1988	→	₩16.64 won in 2023
₩10 won in 1988	→	₩33.28 won in 2023
₩50 won in 1988	→	₩166.4 won in 2023
₩100 won in 1988	→	₩332.8 won in 2023
₩500 won in 1988	→	₩1,664.02 won in 2023
₩1,000 won in 1988	→	₩3,328.05 won in 2023
₩5,000 won in 1988	→	₩16,640.25 won in 2023
₩10,000 won in 1988	→	₩33,280.49 won in 2023
₩50,000 won in 1988	→	₩166,402.47 won in 2023
₩100,000 won in 1988	→	₩332,804.95 won in 2023
₩500,000 won in 1988	→	₩1,664,024.74 won in 2023
₩1,000,000 won in 1988	→	₩3,328,049.48 won in 2023

Cumulative inflation From 1988	242.38%
Avg. annual inflation From 1988	3.48%
CPI 1988	35.35
CPI today	121.02

Value of Won over time (by year)

Period	Value
1988	100
1989	105.7
1990	114.76
1991	125.47
1992	133.27
1993	139.67
1994	148.42
1995	155.07
1996	162.7
1997	169.93
1998	182.69
1999	184.18
2000	188.34
2001	196
2002	201.41
2003	208.49
2004	215.98
2005	221.93
2006	226.9
2007	232.65
2008	243.53
2009	250.24
2010	257.6
2011	267.97
2012	273.83
2013	277.39
2014	280.93
2015	282.91
2016	285.66
2017	291.22
2018	295.51
2019	296.65
2020	298.24
2021	305.69
2022	321.25
2023	332.8
2024-09	341.93
Today	342.38