kr

Value of 1962 Icelandic Kronur today

kr100 in 1962
kr319,354.84 in 2022

The inflation rate in Iceland between 1962 and today has been 319,254.84%, which translates into a total increase of kr319,254.84. This means that 100 kronur in 1962 are equivalent to 319,354.84 kronur in 2022. In other words, the purchasing power of kr100 in 1962 equals kr319,354.84 today. The average annual inflation rate between these periods has been 14.39%.

Inflation timeline in Iceland (1962 - 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 1962-2021 286,944.45%
Cumulative inflation 1962-today 319,254.84%
Avg. Annual inflation 1962-2021 14.45%
CPI 1962 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 1962 and 2021, use the corresponding CPI values:

Value2021
=Value1962 ×
CPI2021/CPI1962
=kr 100 ×
117.59/0.04
kr287,044.45

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

Valuetoday
=Value1962 ×
CPItoday/CPI1962
=kr 100 ×
130.82/0.04
kr319,354.84

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 59 years between 1962 and 2021 and the average inflation rate was 14.4483%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.144483)59
kr287,044.45

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1962 kr2,870.44 kronur in 2021
kr5 kronur in 1962 kr14,352.22 kronur in 2021
kr10 kronur in 1962 kr28,704.44 kronur in 2021
kr50 kronur in 1962 kr143,522.22 kronur in 2021
kr100 kronur in 1962 kr287,044.45 kronur in 2021
kr500 kronur in 1962 kr1,435,222.24 kronur in 2021
kr1,000 kronur in 1962 kr2,870,444.49 kronur in 2021
kr5,000 kronur in 1962 kr14,352,222.43 kronur in 2021
kr10,000 kronur in 1962 kr28,704,444.85 kronur in 2021
kr50,000 kronur in 1962 kr143,522,224.26 kronur in 2021
kr100,000 kronur in 1962 kr287,044,448.53 kronur in 2021
kr500,000 kronur in 1962 kr1,435,222,242.65 kronur in 2021
kr1,000,000 kronur in 1962 kr2,870,444,485.29 kronur in 2021
Cumulative inflation From 1962 319,254.84%
Avg. annual inflation From 1962 14.39%
CPI 1962 0.04
CPI today 130.82

Value of Krona over time (by year)

Period Value
1962 100
1963 112.93
1964 134.66
1965 144.51
1966 159.96
1967 165.27
1968 190.44
1969 231.89
1970 262.9
1971 280.6
1972 308.13
1973 373.93
1974 532.91
1975 795.96
1976 1,050.94
1977 1,369.55
1978 1,968.73
1979 2,843.72
1980 4,508.11
1981 6,843.01
1982 10,281.15
1983 18,912.18
1984 24,747.03
1985 32,664.76
1986 39,892.95
1987 47,192.49
1988 59,332.98
1989 71,649.44
1990 82,762.78
1991 88,397.92
1992 91,887.62
1993 95,602.5
1994 97,086.87
1995 98,690
1996 100,920.81
1997 102,752.97
1998 104,457.89
1999 107,833.78
2000 113,372.64
2001 120,634.25
2002 126,903.64
2003 129,512.36
2004 133,602.61
2005 138,929.39
2006 148,219.71
2007 155,707.14
2008 175,473.23
2009 196,535.47
2010 207,141.97
2011 215,429.77
2012 226,601.74
2013 235,376.37
2014 240,188.93
2015 244,111.36
2016 248,253.69
2017 252,624.01
2018 259,401.77
2019 267,220.16
2020 274,830.34
2021 287,044.45
2022-08 316,568.5
Today 319,354.84

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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