Value of 1960 Icelandic Kronur today

kr100 in 1960

kr312,600.21 in 2018

The inflation rate in Iceland between 1960 and today has been 312,500.21%, which translates into a total increase of kr312,500.21. This means that 100 kronur in 1960 are equivalent to 312,600.21 kronur in 2018. In other words, the purchasing power of kr100 in 1960 equals kr312,600.21 today. The average annual inflation rate has been 17.09%.

Inflation timeline in Iceland (1960-2018)

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 (1960-2018) 303,442.71%
Total Inflation* 312,500.21%
Annual inflation avg. (1960-2018) 17.39%
Annual inflation avg.* 17.09%
CPI 1960 0.03
CPI 2018 104.48
CPI today* 107.6
kr1 in 1960 kr3,035.43 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 58 years between 1960 and 2018 and the average inflation rate has been 17.0925%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.17)58 = kr303,542.71

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 1960 was 0.03 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.03
= kr303,542.71

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1960 kr3,126 kronur today
kr5 kronur in 1960 kr15,630.01 kronur today
kr10 kronur in 1960 kr31,260.02 kronur today
kr50 kronur in 1960 kr156,300.1 kronur today
kr100 kronur in 1960 kr312,600.21 kronur today
kr500 kronur in 1960 kr1,563,001.05 kronur today
kr1,000 kronur in 1960 kr3,126,002.1 kronur today
kr5,000 kronur in 1960 kr15,630,010.49 kronur today
kr10,000 kronur in 1960 kr31,260,020.99 kronur today
kr50,000 kronur in 1960 kr156,300,104.95 kronur today
kr100,000 kronur in 1960 kr312,600,209.9 kronur today
kr500,000 kronur in 1960 kr1,563,001,049.5 kronur today
kr1,000,000 kronur in 1960 kr3,126,002,098.99 kronur today

Value of Krona in time (by year)

Period Value
1960 100
1961 103
1962 115
1963 126
1964 146
1965 165
1966 180
1967 195
1968 209
1977 1,426.2
1978 1,901.6
1979 2,648.66
1980 4,142.77
1981 6,451.86
1982 9,643.83
1983 15,484.47
1984 27,301.55
1985 32,463.04
1986 44,144.31
1987 50,120.77
1988 62,345.35
1989 75,181.14
1990 94,129.24
1991 100,920.67
1992 108,527.08
1993 110,114.88
1994 115,323.84
1995 115,929.52
1996 118,231.14
1997 120,653.91
1998 123,197.82
1999 124,651.49
2000 131,556.37
2001 137,128.77
2002 148,967.3
2003 151,933.99
2004 156,147.49
2005 162,204.42
2006 168,867.04
2007 180,738.61
2008 191,277.65
2009 225,981.01
2010 242,896.69
2011 248,928.81
2012 261,991.35
2013 273,002.59
2014 284,305.43
2015 286,656.09
2016 292,431.91
2017 297,968.13
2018 303,542.71
Today 312,600.21