kr

Value of 1958 Icelandic Kronur today

kr100 in 1958
kr381,918.55 in 2022

The inflation rate in Iceland between 1958 and today has been 381,818.55%, which translates into a total increase of kr381,818.55. This means that 100 kronur in 1958 are equivalent to 381,918.55 kronur in 2022. In other words, the purchasing power of kr100 in 1958 equals kr381,918.55 today. The average annual inflation rate between these periods has been 13.75%.

Inflation timeline in Iceland (1958 - 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 1958-2021 343,632.74%
Cumulative inflation 1958-today 381,818.55%
Avg. Annual inflation 1958-2021 13.8%
CPI 1958 0.03
CPI 2021 117.59
CPI 2022-08 (latest official data) 129.68
CPI today 130.65

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 1958 and 2021, use the corresponding CPI values:

Value2021
=Value1958 ×
CPI2021/CPI1958
=kr 100 ×
117.59/0.03
kr343,732.74

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.65:

Valuetoday
=Value1958 ×
CPItoday/CPI1958
=kr 100 ×
130.65/0.03
kr381,918.55

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 63 years between 1958 and 2021 and the average inflation rate was 13.7969%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.137969)63
kr343,732.74

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1958 kr3,437.33 kronur in 2021
kr5 kronur in 1958 kr17,186.64 kronur in 2021
kr10 kronur in 1958 kr34,373.27 kronur in 2021
kr50 kronur in 1958 kr171,866.37 kronur in 2021
kr100 kronur in 1958 kr343,732.74 kronur in 2021
kr500 kronur in 1958 kr1,718,663.72 kronur in 2021
kr1,000 kronur in 1958 kr3,437,327.44 kronur in 2021
kr5,000 kronur in 1958 kr17,186,637.2 kronur in 2021
kr10,000 kronur in 1958 kr34,373,274.39 kronur in 2021
kr50,000 kronur in 1958 kr171,866,371.97 kronur in 2021
kr100,000 kronur in 1958 kr343,732,743.94 kronur in 2021
kr500,000 kronur in 1958 kr1,718,663,719.68 kronur in 2021
kr1,000,000 kronur in 1958 kr3,437,327,439.37 kronur in 2021
Cumulative inflation From 1958 381,818.55%
Avg. annual inflation From 1958 13.75%
CPI 1958 0.03
CPI today 130.65

Value of Krona over time (by year)

Period Value
1958 100
1959 101
1960 103.01
1961 107.87
1962 119.75
1963 135.23
1964 161.26
1965 173.05
1966 191.55
1967 197.91
1968 228.05
1969 277.68
1970 314.82
1971 336.01
1972 368.98
1973 447.77
1974 638.15
1975 953.15
1976 1,258.49
1977 1,640.02
1978 2,357.53
1979 3,405.33
1980 5,398.41
1981 8,194.43
1982 12,311.57
1983 22,647.14
1984 29,634.32
1985 39,115.71
1986 47,771.39
1987 56,512.51
1988 71,050.62
1989 85,799.46
1990 99,107.57
1991 105,855.6
1992 110,034.47
1993 114,483.01
1994 116,260.52
1995 118,180.25
1996 120,851.62
1997 123,045.61
1998 125,087.24
1999 129,129.83
2000 135,762.56
2001 144,458.25
2002 151,965.78
2003 155,089.7
2004 159,987.74
2005 166,366.5
2006 177,491.56
2007 186,457.68
2008 210,127.37
2009 235,349.19
2010 248,050.35
2011 257,974.91
2012 271,353.23
2013 281,860.76
2014 287,623.75
2015 292,320.82
2016 297,281.21
2017 302,514.63
2018 310,630.92
2019 319,993.37
2020 329,106.47
2021 343,732.74
2022-08 379,087.49
Today 381,918.55

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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