Value of 1964 Icelandic Kronur today

Inflation timeline in Iceland (1964-2021)

The following chart depicts the equivalence of kr100 throughout the years due to 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator	Value
Total Inflation (1964-2021)	227,826.69%
Total Inflation*	228,324.69%
Annual inflation avg. (1964-2021)	17.09%
Annual inflation avg.*	16.73%
CPI 1964	0.05
CPI 2021	114.54
CPI today*	114.79
kr1 in 1964	kr2,279.27 in 2021

* 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 with 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 1964 and 2021 and the average inflation rate has been 16.728%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)ⁿ = kr100 * (1 + 0.17)⁵⁷ = kr227,926.69

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 114.79. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
114.54/0.05
= kr227,926.69

Iceland inflation - Conversion table

Initial Value		Equivalent value
kr1 krona in 1964		kr2,284.25 kronur today
kr5 kronur in 1964		kr11,421.23 kronur today
kr10 kronur in 1964		kr22,842.47 kronur today
kr50 kronur in 1964		kr114,212.34 kronur today
kr100 kronur in 1964		kr228,424.69 kronur today
kr500 kronur in 1964		kr1,142,123.45 kronur today
kr1,000 kronur in 1964		kr2,284,246.89 kronur today
kr5,000 kronur in 1964		kr11,421,234.46 kronur today
kr10,000 kronur in 1964		kr22,842,468.93 kronur today
kr50,000 kronur in 1964		kr114,212,344.64 kronur today
kr100,000 kronur in 1964		kr228,424,689.28 kronur today
kr500,000 kronur in 1964		kr1,142,123,446.39 kronur today
kr1,000,000 kronur in 1964		kr2,284,246,892.78 kronur today

Value of Krona over 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
2019	215,679.5
2020	220,058.86
2021	227,926.69
Today	228,424.69