Value of 1961 Icelandic Kronur today

kr100 in 1961

kr303,494.71 in 2018

The inflation rate in Iceland between 1961 and today has been 303,394.71%, which translates into a total increase of kr303,394.71. This means that 100 kronur in 1961 are equivalent to 303,494.71 kronur in 2018. In other words, the purchasing power of kr100 in 1961 equals kr303,494.71 today. The average annual inflation rate has been 17.39%.

Inflation timeline in Iceland (1961-2018)

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 (1961-2018) 294,601.71%
Total Inflation* 303,394.71%
Annual inflation avg. (1961-2018) 17.71%
Annual inflation avg.* 17.39%
CPI 1961 0.04
CPI 2018 104.48
CPI today* 107.6
kr1 in 1961 kr2,947.02 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 57 years between 1961 and 2018 and the average inflation rate has been 17.3932%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.17)57 = kr294,701.71

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 1961 was 0.04 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.04
= kr294,701.71

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1961 kr3,034.95 kronur today
kr5 kronur in 1961 kr15,174.74 kronur today
kr10 kronur in 1961 kr30,349.47 kronur today
kr50 kronur in 1961 kr151,747.35 kronur today
kr100 kronur in 1961 kr303,494.71 kronur today
kr500 kronur in 1961 kr1,517,473.53 kronur today
kr1,000 kronur in 1961 kr3,034,947.07 kronur today
kr5,000 kronur in 1961 kr15,174,735.33 kronur today
kr10,000 kronur in 1961 kr30,349,470.65 kronur today
kr50,000 kronur in 1961 kr151,747,353.26 kronur today
kr100,000 kronur in 1961 kr303,494,706.53 kronur today
kr500,000 kronur in 1961 kr1,517,473,532.65 kronur today
kr1,000,000 kronur in 1961 kr3,034,947,065.29 kronur today

Value of Krona in time (by year)

Period Value
1961 100
1962 111.65
1963 122.33
1964 141.75
1965 160.19
1966 174.76
1967 189.32
1968 202.91
1977 1,384.66
1978 1,846.21
1979 2,571.51
1980 4,022.11
1981 6,263.94
1982 9,362.95
1983 15,033.47
1984 26,506.37
1985 31,517.52
1986 42,858.57
1987 48,660.95
1988 60,529.48
1989 72,991.41
1990 91,387.62
1991 97,981.25
1992 105,366.12
1993 106,907.68
1994 111,964.91
1995 112,552.95
1996 114,787.54
1997 117,139.74
1998 119,609.56
1999 121,020.88
2000 127,724.66
2001 133,134.75
2002 144,628.48
2003 147,508.76
2004 151,599.53
2005 157,480.05
2006 163,948.61
2007 175,474.41
2008 185,706.5
2009 219,399.08
2010 235,822.07
2011 241,678.5
2012 254,360.58
2013 265,051.11
2014 276,024.74
2015 278,306.93
2016 283,914.53
2017 289,289.51
2018 294,701.71
Today 303,494.71