Value of 1964 Icelandic Kronur today

kr100 in 1964

kr214,109.93 in 2018

The inflation rate in Iceland between 1964 and today has been 214,009.93%, which translates into a total increase of kr214,009.93. This means that 100 kronur in 1964 are equivalent to 214,109.93 kronur in 2018. In other words, the purchasing power of kr100 in 1964 equals kr214,109.93 today. The average annual inflation rate has been 17.72%.

Inflation timeline in Iceland (1964-2018)

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 (1964-2018) 207,806%
Total Inflation* 214,009.93%
Annual inflation avg. (1964-2018) 18.07%
Annual inflation avg.* 17.72%
CPI 1964 0.05
CPI 2018 104.48
CPI today* 107.6
kr1 in 1964 kr2,079.06 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 54 years between 1964 and 2018 and the average inflation rate has been 17.7239%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.18)54 = kr207,906

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 1964 was 0.05 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.05
= kr207,906

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1964 kr2,141.1 kronur today
kr5 kronur in 1964 kr10,705.5 kronur today
kr10 kronur in 1964 kr21,410.99 kronur today
kr50 kronur in 1964 kr107,054.97 kronur today
kr100 kronur in 1964 kr214,109.93 kronur today
kr500 kronur in 1964 kr1,070,549.65 kronur today
kr1,000 kronur in 1964 kr2,141,099.3 kronur today
kr5,000 kronur in 1964 kr10,705,496.5 kronur today
kr10,000 kronur in 1964 kr21,410,993.01 kronur today
kr50,000 kronur in 1964 kr107,054,965.03 kronur today
kr100,000 kronur in 1964 kr214,109,930.06 kronur today
kr500,000 kronur in 1964 kr1,070,549,650.29 kronur today
kr1,000,000 kronur in 1964 kr2,141,099,300.58 kronur today

Value of Krona in time (by year)

Period Value
1964 100
1965 113.01
1966 123.29
1967 133.56
1968 143.15
1977 976.85
1978 1,302.47
1979 1,814.15
1980 2,837.52
1981 4,419.08
1982 6,605.37
1983 10,605.8
1984 18,699.7
1985 22,234.96
1986 30,235.84
1987 34,329.3
1988 42,702.3
1989 51,493.94
1990 64,472.09
1991 69,123.76
1992 74,333.63
1993 75,421.17
1994 78,988.94
1995 79,403.79
1996 80,980.24
1997 82,639.67
1998 84,382.08
1999 85,377.74
2000 90,107.12
2001 93,923.83
2002 102,032.41
2003 104,064.39
2004 106,950.35
2005 111,098.94
2006 115,662.37
2007 123,793.58
2008 131,012.11
2009 154,781.54
2010 166,367.62
2011 170,499.21
2012 179,446.16
2013 186,988.1
2014 194,729.77
2015 196,339.81
2016 200,295.86
2017 204,087.79
2018 207,906
Today 214,109.93