kr

Value of 1956 Icelandic Kronur today

kr100 in 1956
kr408,917.81 in 2022

The inflation rate in Iceland between 1956 and today has been 408,817.81%, which translates into a total increase of kr408,817.81. This means that 100 kronur in 1956 are equivalent to 408,917.81 kronur in 2022. In other words, the purchasing power of kr100 in 1956 equals kr408,917.81 today. The average annual inflation rate between these periods has been 13.43%.

Inflation timeline in Iceland (1956 - 2022)

The following chart depicts the equivalence of kr100 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 (ISK) 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 1956-2021 379,180.26%
Cumulative inflation 1956-today 408,817.81%
Avg. Annual inflation 1956-2021 13.52%
CPI 1956 0.03
CPI 2021 117.59
CPI 2022-05 (latest official data) 126.04
CPI today 126.78

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:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1956 and 2021, use the corresponding CPI values:

Value2021
=Value1956 ×
CPI2021/CPI1956
=kr 100 ×
117.59/0.03
kr379,280.26

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 126.78:

Valuetoday
=Value1956 ×
CPItoday/CPI1956
=kr 100 ×
126.78/0.03
kr408,917.81

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 kr100 worth today. There are 65 years between 1956 and 2021 and the average inflation rate was 13.517%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.13517)65
kr379,280.26

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1956 kr3,792.8 kronur in 2021
kr5 kronur in 1956 kr18,964.01 kronur in 2021
kr10 kronur in 1956 kr37,928.03 kronur in 2021
kr50 kronur in 1956 kr189,640.13 kronur in 2021
kr100 kronur in 1956 kr379,280.26 kronur in 2021
kr500 kronur in 1956 kr1,896,401.29 kronur in 2021
kr1,000 kronur in 1956 kr3,792,802.59 kronur in 2021
kr5,000 kronur in 1956 kr18,964,012.93 kronur in 2021
kr10,000 kronur in 1956 kr37,928,025.86 kronur in 2021
kr50,000 kronur in 1956 kr189,640,129.28 kronur in 2021
kr100,000 kronur in 1956 kr379,280,258.56 kronur in 2021
kr500,000 kronur in 1956 kr1,896,401,292.79 kronur in 2021
kr1,000,000 kronur in 1956 kr3,792,802,585.57 kronur in 2021
Cumulative inflation From 1956 408,817.81%
Avg. annual inflation From 1956 13.43%
CPI 1956 0.03
CPI today 126.78

Value of Krona over time (by year)

Period Value
1956 100
1957 104.25
1958 110.34
1959 111.45
1960 113.67
1961 119.02
1962 132.13
1963 149.22
1964 177.93
1965 190.95
1966 211.36
1967 218.37
1968 251.64
1969 306.4
1970 347.38
1971 370.76
1972 407.14
1973 494.08
1974 704.14
1975 1,051.72
1976 1,388.64
1977 1,809.63
1978 2,601.34
1979 3,757.49
1980 5,956.7
1981 9,041.86
1982 13,584.79
1983 24,989.22
1984 32,698.98
1985 43,160.91
1986 52,711.72
1987 62,356.82
1988 78,398.4
1989 94,672.51
1990 109,356.9
1991 116,802.77
1992 121,413.81
1993 126,322.4
1994 128,283.74
1995 130,402
1996 133,349.63
1997 135,770.51
1998 138,023.28
1999 142,483.94
2000 149,802.6
2001 159,397.57
2002 167,681.5
2003 171,128.48
2004 176,533.06
2005 183,571.48
2006 195,847.05
2007 205,740.42
2008 231,857.93
2009 259,688.09
2010 273,702.76
2011 284,653.68
2012 299,415.54
2013 311,009.72
2014 317,368.69
2015 322,551.51
2016 328,024.89
2017 333,799.53
2018 342,755.17
2019 353,085.85
2020 363,141.39
2021 379,280.26
2022-05 406,550.7
Today 408,917.81

All available years

Today's value of icelandic kronur by year:

1956 | 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 |

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