Value of 1958 Icelandic Kronur today

kr100 in 1958

kr329,053.13 in 2018

The inflation rate in Iceland between 1958 and today has been 328,953.13%, which translates into a total increase of kr328,953.13. This means that 100 kronur in 1958 are equivalent to 329,053.13 kronur in 2018. In other words, the purchasing power of kr100 in 1958 equals kr329,053.13 today. The average annual inflation rate has been 16.51%.

Inflation timeline in Iceland (1958-2018)

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 (1958-2018) 319,418.66%
Total Inflation* 328,953.13%
Annual inflation avg. (1958-2018) 16.79%
Annual inflation avg.* 16.51%
CPI 1958 0.03
CPI 2018 104.48
CPI today* 107.6
kr1 in 1958 kr3,195.19 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 60 years between 1958 and 2018 and the average inflation rate has been 16.5101%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.17)60 = kr319,518.66

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 1958 was 0.03 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.03
= kr319,518.66

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1958 kr3,290.53 kronur today
kr5 kronur in 1958 kr16,452.66 kronur today
kr10 kronur in 1958 kr32,905.31 kronur today
kr50 kronur in 1958 kr164,526.56 kronur today
kr100 kronur in 1958 kr329,053.13 kronur today
kr500 kronur in 1958 kr1,645,265.63 kronur today
kr1,000 kronur in 1958 kr3,290,531.26 kronur today
kr5,000 kronur in 1958 kr16,452,656.3 kronur today
kr10,000 kronur in 1958 kr32,905,312.6 kronur today
kr50,000 kronur in 1958 kr164,526,563.02 kronur today
kr100,000 kronur in 1958 kr329,053,126.03 kronur today
kr500,000 kronur in 1958 kr1,645,265,630.15 kronur today
kr1,000,000 kronur in 1958 kr3,290,531,260.31 kronur today

Value of Krona in time (by year)

Period Value
1958 100
1959 114.74
1960 105.26
1961 108.42
1962 121.05
1963 132.63
1964 153.68
1965 173.68
1966 189.47
1967 205.26
1968 220
1977 1,501.26
1978 2,001.69
1979 2,788.06
1980 4,360.81
1981 6,791.43
1982 10,151.41
1983 16,299.44
1984 28,738.48
1985 34,171.62
1986 46,467.7
1987 52,758.71
1988 65,626.69
1989 79,138.05
1990 99,083.41
1991 106,232.29
1992 114,239.04
1993 115,910.41
1994 121,393.52
1995 122,031.08
1996 124,453.84
1997 127,004.12
1998 129,681.93
1999 131,212.1
2000 138,480.4
2001 144,346.08
2002 156,807.7
2003 159,930.52
2004 164,365.79
2005 170,741.51
2006 177,754.79
2007 190,251.17
2008 201,344.91
2009 237,874.76
2010 255,680.74
2011 262,030.34
2012 275,780.39
2013 287,371.16
2014 299,268.89
2015 301,743.27
2016 307,823.08
2017 313,650.69
2018 319,518.66
Today 329,053.13