kr

Value of 1961 Icelandic Kronur today

kr100 in 1961
kr354,535.88 in 2022

The inflation rate in Iceland between 1961 and today has been 354,435.88%, which translates into a total increase of kr354,435.88. This means that 100 kronur in 1961 are equivalent to 354,535.88 kronur in 2022. In other words, the purchasing power of kr100 in 1961 equals kr354,535.88 today. The average annual inflation rate between these periods has been 14.34%.

Inflation timeline in Iceland (1961 - 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 1961-2021 318,566.09%
Cumulative inflation 1961-today 354,435.88%
Avg. Annual inflation 1961-2021 14.39%
CPI 1961 0.04
CPI 2021 117.59
CPI 2022-08 (latest official data) 129.68
CPI today 130.82

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 1961 and 2021, use the corresponding CPI values:

Value2021
=Value1961 ×
CPI2021/CPI1961
=kr 100 ×
117.59/0.04
kr318,666.09

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.82:

Valuetoday
=Value1961 ×
CPItoday/CPI1961
=kr 100 ×
130.82/0.04
kr354,535.88

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 60 years between 1961 and 2021 and the average inflation rate was 14.3902%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.143902)60
kr318,666.09

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1961 kr3,186.66 kronur in 2021
kr5 kronur in 1961 kr15,933.3 kronur in 2021
kr10 kronur in 1961 kr31,866.61 kronur in 2021
kr50 kronur in 1961 kr159,333.04 kronur in 2021
kr100 kronur in 1961 kr318,666.09 kronur in 2021
kr500 kronur in 1961 kr1,593,330.44 kronur in 2021
kr1,000 kronur in 1961 kr3,186,660.89 kronur in 2021
kr5,000 kronur in 1961 kr15,933,304.44 kronur in 2021
kr10,000 kronur in 1961 kr31,866,608.89 kronur in 2021
kr50,000 kronur in 1961 kr159,333,044.44 kronur in 2021
kr100,000 kronur in 1961 kr318,666,088.89 kronur in 2021
kr500,000 kronur in 1961 kr1,593,330,444.44 kronur in 2021
kr1,000,000 kronur in 1961 kr3,186,660,888.87 kronur in 2021
Cumulative inflation From 1961 354,435.88%
Avg. annual inflation From 1961 14.34%
CPI 1961 0.04
CPI today 130.82

Value of Krona over time (by year)

Period Value
1961 100
1962 111.02
1963 125.37
1964 149.5
1965 160.43
1966 177.58
1967 183.48
1968 211.42
1969 257.43
1970 291.86
1971 311.51
1972 342.07
1973 415.12
1974 591.61
1975 883.64
1976 1,166.72
1977 1,520.43
1978 2,185.61
1979 3,156.99
1980 5,004.74
1981 7,596.85
1982 11,413.75
1983 20,995.6
1984 27,473.24
1985 36,263.2
1986 44,287.67
1987 52,391.35
1988 65,869.27
1989 79,542.55
1990 91,880.17
1991 98,136.09
1992 102,010.22
1993 106,134.35
1994 107,782.24
1995 109,561.97
1996 112,038.54
1997 114,072.53
1998 115,965.27
1999 119,713.06
2000 125,862.1
2001 133,923.66
2002 140,883.7
2003 143,779.81
2004 148,320.66
2005 154,234.25
2006 164,548.02
2007 172,860.29
2008 194,803.86
2009 218,186.39
2010 229,961.32
2011 239,162.13
2012 251,564.84
2013 261,306.11
2014 266,648.83
2015 271,003.37
2016 275,602.03
2017 280,453.8
2018 287,978.21
2019 296,657.91
2020 305,106.44
2021 318,666.09
2022-08 351,442.59
Today 354,535.88

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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