kr

Value of 1960 Icelandic Kronur today

kr100 in 1960
kr356,336.02 in 2022

The inflation rate in Iceland between 1960 and today has been 356,236.02%, which translates into a total increase of kr356,236.02. This means that 100 kronur in 1960 are equivalent to 356,336.02 kronur in 2022. In other words, the purchasing power of kr100 in 1960 equals kr356,336.02 today. The average annual inflation rate between these periods has been 14.1%.

Inflation timeline in Iceland (1960 - 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 1960-2021 333,580.39%
Cumulative inflation 1960-today 356,236.02%
Avg. Annual inflation 1960-2021 14.22%
CPI 1960 0.04
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.57

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 1960 and 2021, use the corresponding CPI values:

Value2021
=Value1960 ×
CPI2021/CPI1960
=kr 100 ×
117.59/0.04
kr333,680.39

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.57:

Valuetoday
=Value1960 ×
CPItoday/CPI1960
=kr 100 ×
125.57/0.04
kr356,336.02

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 61 years between 1960 and 2021 and the average inflation rate was 14.2246%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.142246)61
kr333,680.39

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1960 kr3,336.8 kronur in 2021
kr5 kronur in 1960 kr16,684.02 kronur in 2021
kr10 kronur in 1960 kr33,368.04 kronur in 2021
kr50 kronur in 1960 kr166,840.19 kronur in 2021
kr100 kronur in 1960 kr333,680.39 kronur in 2021
kr500 kronur in 1960 kr1,668,401.93 kronur in 2021
kr1,000 kronur in 1960 kr3,336,803.86 kronur in 2021
kr5,000 kronur in 1960 kr16,684,019.32 kronur in 2021
kr10,000 kronur in 1960 kr33,368,038.65 kronur in 2021
kr50,000 kronur in 1960 kr166,840,193.24 kronur in 2021
kr100,000 kronur in 1960 kr333,680,386.47 kronur in 2021
kr500,000 kronur in 1960 kr1,668,401,932.37 kronur in 2021
kr1,000,000 kronur in 1960 kr3,336,803,864.75 kronur in 2021
Cumulative inflation From 1960 356,236.02%
Avg. annual inflation From 1960 14.1%
CPI 1960 0.04
CPI today 125.57

Value of Krona over time (by year)

Period Value
1960 100
1961 104.71
1962 116.25
1963 131.28
1964 156.54
1965 167.99
1966 185.95
1967 192.12
1968 221.38
1969 269.56
1970 305.61
1971 326.18
1972 358.19
1973 434.68
1974 619.49
1975 925.27
1976 1,221.69
1977 1,592.06
1978 2,288.59
1979 3,305.74
1980 5,240.54
1981 7,954.78
1982 11,951.52
1983 21,984.83
1984 28,767.67
1985 37,971.79
1986 46,374.33
1987 54,859.82
1988 68,972.77
1989 83,290.29
1990 96,209.2
1991 102,759.88
1992 106,816.54
1993 111,134.99
1994 112,860.52
1995 114,724.11
1996 117,317.36
1997 119,447.18
1998 121,429.1
1999 125,353.47
2000 131,792.22
2001 140,233.62
2002 147,521.59
2003 150,554.15
2004 155,308.95
2005 161,501.17
2006 172,300.87
2007 181,004.79
2008 203,982.26
2009 228,466.47
2010 240,796.2
2011 250,430.51
2012 263,417.59
2013 273,617.83
2014 279,212.28
2015 283,771.99
2016 288,587.31
2017 293,667.68
2018 301,546.61
2019 310,635.26
2020 319,481.86
2021 333,680.39
2022-04 354,929.8
Today 356,336.02

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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