kr

Value of 1963 Icelandic Kronur today

kr100 in 1963
kr271,495.22 in 2022

The inflation rate in Iceland between 1963 and today has been 271,395.22%, which translates into a total increase of kr271,395.22. This means that 100 kronur in 1963 are equivalent to 271,495.22 kronur in 2022. In other words, the purchasing power of kr100 in 1963 equals kr271,495.22 today. The average annual inflation rate between these periods has been 14.34%.

Inflation timeline in Iceland (1963 - 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 1963-2021 254,083.56%
Cumulative inflation 1963-today 271,395.22%
Avg. Annual inflation 1963-2021 14.47%
CPI 1963 0.05
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.6

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 1963 and 2021, use the corresponding CPI values:

Value2021
=Value1963 ×
CPI2021/CPI1963
=kr 100 ×
117.59/0.05
kr254,183.56

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.6:

Valuetoday
=Value1963 ×
CPItoday/CPI1963
=kr 100 ×
125.6/0.05
kr271,495.22

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 58 years between 1963 and 2021 and the average inflation rate was 14.4747%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.144747)58
kr254,183.56

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1963 kr2,541.84 kronur in 2021
kr5 kronur in 1963 kr12,709.18 kronur in 2021
kr10 kronur in 1963 kr25,418.36 kronur in 2021
kr50 kronur in 1963 kr127,091.78 kronur in 2021
kr100 kronur in 1963 kr254,183.56 kronur in 2021
kr500 kronur in 1963 kr1,270,917.79 kronur in 2021
kr1,000 kronur in 1963 kr2,541,835.58 kronur in 2021
kr5,000 kronur in 1963 kr12,709,177.91 kronur in 2021
kr10,000 kronur in 1963 kr25,418,355.82 kronur in 2021
kr50,000 kronur in 1963 kr127,091,779.1 kronur in 2021
kr100,000 kronur in 1963 kr254,183,558.2 kronur in 2021
kr500,000 kronur in 1963 kr1,270,917,790.98 kronur in 2021
kr1,000,000 kronur in 1963 kr2,541,835,581.96 kronur in 2021
Cumulative inflation From 1963 271,395.22%
Avg. annual inflation From 1963 14.34%
CPI 1963 0.05
CPI today 125.6

Value of Krona over time (by year)

Period Value
1963 100
1964 119.25
1965 127.97
1966 141.65
1967 146.35
1968 168.64
1969 205.34
1970 232.8
1971 248.47
1972 272.85
1973 331.12
1974 471.9
1975 704.83
1976 930.63
1977 1,212.77
1978 1,743.35
1979 2,518.17
1980 3,992.02
1981 6,059.62
1982 9,104.16
1983 16,747.11
1984 21,913.99
1985 28,925.29
1986 35,326
1987 41,789.88
1988 52,540.53
1989 63,447
1990 73,288.09
1991 78,278.12
1992 81,368.31
1993 84,657.92
1994 85,972.35
1995 87,391.96
1996 89,367.38
1997 90,989.79
1998 92,499.53
1999 95,488.95
2000 100,393.72
2001 106,824.02
2002 112,375.69
2003 114,685.76
2004 118,307.77
2005 123,024.73
2006 131,251.49
2007 137,881.76
2008 155,385.03
2009 174,036.06
2010 183,428.32
2011 190,767.34
2012 200,660.34
2013 208,430.45
2014 212,692.07
2015 216,165.46
2016 219,833.57
2017 223,703.58
2018 229,705.41
2019 236,628.76
2020 243,367.72
2021 254,183.56
2022-04 270,370.46
Today 271,495.22

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 |

Other currencies: