kr

Value of 1957 Icelandic Kronur today

kr100 in 1957
kr404,459.01 in 2022

The inflation rate in Iceland between 1957 and today has been 404,359.01%, which translates into a total increase of kr404,359.01. This means that 100 kronur in 1957 are equivalent to 404,459.01 kronur in 2022. In other words, the purchasing power of kr100 in 1957 equals kr404,459.01 today. The average annual inflation rate between these periods has been 13.63%.

Inflation timeline in Iceland (1957 - 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 1957-2021 363,726.88%
Cumulative inflation 1957-today 404,359.01%
Avg. Annual inflation 1957-2021 13.67%
CPI 1957 0.03
CPI 2021 117.59
CPI 2022-08 (latest official data) 129.68
CPI today 130.72

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 1957 and 2021, use the corresponding CPI values:

Value2021
=Value1957 ×
CPI2021/CPI1957
=kr 100 ×
117.59/0.03
kr363,826.88

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.72:

Valuetoday
=Value1957 ×
CPItoday/CPI1957
=kr 100 ×
130.72/0.03
kr404,459.01

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 64 years between 1957 and 2021 and the average inflation rate was 13.6682%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.136682)64
kr363,826.88

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1957 kr3,638.27 kronur in 2021
kr5 kronur in 1957 kr18,191.34 kronur in 2021
kr10 kronur in 1957 kr36,382.69 kronur in 2021
kr50 kronur in 1957 kr181,913.44 kronur in 2021
kr100 kronur in 1957 kr363,826.88 kronur in 2021
kr500 kronur in 1957 kr1,819,134.38 kronur in 2021
kr1,000 kronur in 1957 kr3,638,268.75 kronur in 2021
kr5,000 kronur in 1957 kr18,191,343.77 kronur in 2021
kr10,000 kronur in 1957 kr36,382,687.55 kronur in 2021
kr50,000 kronur in 1957 kr181,913,437.75 kronur in 2021
kr100,000 kronur in 1957 kr363,826,875.49 kronur in 2021
kr500,000 kronur in 1957 kr1,819,134,377.47 kronur in 2021
kr1,000,000 kronur in 1957 kr3,638,268,754.93 kronur in 2021
Cumulative inflation From 1957 404,359.01%
Avg. annual inflation From 1957 13.63%
CPI 1957 0.03
CPI today 130.72

Value of Krona over time (by year)

Period Value
1957 100
1958 105.85
1959 106.91
1960 109.03
1961 114.17
1962 126.75
1963 143.14
1964 170.68
1965 183.17
1966 202.75
1967 209.48
1968 241.38
1969 293.92
1970 333.22
1971 355.65
1972 390.55
1973 473.95
1974 675.45
1975 1,008.87
1976 1,332.06
1977 1,735.9
1978 2,495.35
1979 3,604.4
1980 5,714
1981 8,673.46
1982 13,031.29
1983 23,971.06
1984 31,366.7
1985 41,402.36
1986 50,564.04
1987 59,816.16
1988 75,204.14
1989 90,815.18
1990 104,901.26
1991 112,043.76
1992 116,466.93
1993 121,175.52
1994 123,056.95
1995 125,088.9
1996 127,916.44
1997 130,238.68
1998 132,399.66
1999 136,678.58
2000 143,699.05
2001 152,903.08
2002 160,849.49
2003 164,156.03
2004 169,340.4
2005 176,092.05
2006 187,867.47
2007 197,357.74
2008 222,411.12
2009 249,107.37
2010 262,551.03
2011 273,055.76
2012 287,216.16
2013 298,337.95
2014 304,437.83
2015 309,409.48
2016 314,659.85
2017 320,199.21
2018 328,789.96
2019 338,699.73
2020 348,345.57
2021 363,826.88
2022-08 401,248.41
Today 404,459.01

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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