Value of 1957 Icelandic Kronur today

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