Value of 1957 Icelandic Kronur today

kr100 in 1957

kr339,782.11 in 2018

The inflation rate in Iceland between 1957 and today has been 339,682.11%, which translates into a total increase of kr339,682.11. This means that 100 kronur in 1957 are equivalent to 339,782.11 kronur in 2018. In other words, the purchasing power of kr100 in 1957 equals kr339,782.11 today. The average annual inflation rate has been 16.25%.

Inflation timeline in Iceland (1957-2018)

The following chart ilustrates the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1957-2018) 329,837.78%
Total Inflation* 339,682.11%
Annual inflation avg. (1957-2018) 16.52%
Annual inflation avg.* 16.25%
CPI 1957 0.03
CPI 2018 104.48
CPI today* 107.6
kr1 in 1957 kr3,299.38 in 2018

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 61 years between 1957 and 2018 and the average inflation rate has been 16.2499%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.16)61 = kr329,937.78

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1957 was 0.03 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.03
= kr329,937.78

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1957 kr3,397.82 kronur today
kr5 kronur in 1957 kr16,989.11 kronur today
kr10 kronur in 1957 kr33,978.21 kronur today
kr50 kronur in 1957 kr169,891.05 kronur today
kr100 kronur in 1957 kr339,782.11 kronur today
kr500 kronur in 1957 kr1,698,910.54 kronur today
kr1,000 kronur in 1957 kr3,397,821.08 kronur today
kr5,000 kronur in 1957 kr16,989,105.39 kronur today
kr10,000 kronur in 1957 kr33,978,210.77 kronur today
kr50,000 kronur in 1957 kr169,891,053.86 kronur today
kr100,000 kronur in 1957 kr339,782,107.72 kronur today
kr500,000 kronur in 1957 kr1,698,910,538.58 kronur today
kr1,000,000 kronur in 1957 kr3,397,821,077.17 kronur today

Value of Krona in time (by year)

Period Value
1957 100
1958 103.26
1959 118.48
1960 108.7
1961 111.96
1962 125
1963 136.96
1964 158.7
1965 179.35
1966 195.65
1967 211.96
1968 227.17
1977 1,550.22
1978 2,066.96
1979 2,878.98
1980 4,503.02
1981 7,012.89
1982 10,482.43
1983 16,830.94
1984 29,675.61
1985 35,285.92
1986 47,982.96
1987 54,479.11
1988 67,766.7
1989 81,718.65
1990 102,314.4
1991 109,696.4
1992 117,964.24
1993 119,690.11
1994 125,352.02
1995 126,010.37
1996 128,512.13
1997 131,145.57
1998 133,910.7
1999 135,490.77
2000 142,996.08
2001 149,053.03
2002 161,921.01
2003 165,145.67
2004 169,725.56
2005 176,309.18
2006 183,551.16
2007 196,455.04
2008 207,910.53
2009 245,631.58
2010 264,018.18
2011 270,574.84
2012 284,773.25
2013 296,741.99
2014 309,027.69
2015 311,582.75
2016 317,860.82
2017 323,878.46
2018 329,937.78
Today 339,782.11