kr

Value of 1964 Icelandic Kronur today

kr100 in 1964
kr263,669.32 in 2024

The inflation rate in Iceland between 1964 and today has been 263,569.32%, which translates into a total increase of kr263,569.32. This means that 100 kronur in 1964 are equivalent to 263,669.32 kronur in 2024. In other words, the purchasing power of kr100 in 1964 equals kr263,669.32 today. The average annual inflation rate between these periods has been 14.03%.

Inflation timeline in Iceland (1964 - 2024)

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 1964-2023 250,941.31%
Cumulative inflation 1964-today 263,569.32%
Avg. Annual inflation 1964-2023 14.19%
CPI 1964 0.06
CPI 2023 138.48
CPI 2024-03 (latest official data) 144.91
CPI today 145.45

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 1964 and 2023, use the corresponding CPI values:

Value2023
=Value1964 ×
CPI2023/CPI1964
=kr 100 ×
138.48/0.06
kr251,041.31

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 145.45:

Valuetoday
=Value1964 ×
CPItoday/CPI1964
=kr 100 ×
145.45/0.06
kr263,669.32

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 1964 and 2023 and the average inflation rate was 14.1886%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.141886)59
kr251,041.31

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1964 kr2,510.41 kronur in 2023
kr5 kronur in 1964 kr12,552.07 kronur in 2023
kr10 kronur in 1964 kr25,104.13 kronur in 2023
kr50 kronur in 1964 kr125,520.65 kronur in 2023
kr100 kronur in 1964 kr251,041.31 kronur in 2023
kr500 kronur in 1964 kr1,255,206.54 kronur in 2023
kr1,000 kronur in 1964 kr2,510,413.08 kronur in 2023
kr5,000 kronur in 1964 kr12,552,065.4 kronur in 2023
kr10,000 kronur in 1964 kr25,104,130.81 kronur in 2023
kr50,000 kronur in 1964 kr125,520,654.04 kronur in 2023
kr100,000 kronur in 1964 kr251,041,308.08 kronur in 2023
kr500,000 kronur in 1964 kr1,255,206,540.38 kronur in 2023
kr1,000,000 kronur in 1964 kr2,510,413,080.75 kronur in 2023
Cumulative inflation From 1964 263,569.32%
Avg. annual inflation From 1964 14.03%
CPI 1964 0.06
CPI today 145.45

Value of Krona over time (by year)

Period Value
1964 100
1965 107.32
1966 118.79
1967 122.73
1968 141.42
1969 172.2
1970 195.23
1971 208.37
1972 228.82
1973 277.68
1974 395.74
1975 591.08
1976 780.43
1977 1,017.04
1978 1,461.99
1979 2,111.76
1980 3,347.74
1981 5,081.65
1982 7,634.83
1983 14,044.28
1984 18,377.27
1985 24,257.02
1986 29,624.7
1987 35,045.38
1988 44,060.97
1989 53,207.24
1990 61,460.06
1991 65,644.75
1992 68,236.21
1993 70,994.9
1994 72,097.2
1995 73,287.69
1996 74,944.31
1997 76,304.87
1998 77,570.96
1999 80,077.91
2000 84,191.1
2001 89,583.6
2002 94,239.28
2003 96,176.53
2004 99,213.98
2005 103,169.67
2006 110,068.71
2007 115,628.91
2008 130,307.31
2009 145,948.24
2010 153,824.67
2011 159,979.24
2012 168,275.6
2013 174,791.69
2014 178,365.52
2015 181,278.33
2016 184,354.45
2017 187,599.87
2018 192,633.07
2019 198,439.05
2020 204,090.4
2021 213,160.66
2022 230,871.56
2023 251,041.31
2024-03 262,689.53
Today 263,669.32

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 | 2022 | 2023 |

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