Value of 1960 Icelandic Kronur today

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