Value of 1965 Icelandic Kronur today

Inflation timeline in Iceland (1965-2018)

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 (1965-2018)	183,865.29%
Total Inflation*	189,354.69%
Annual inflation avg. (1965-2018)	18.18%
Annual inflation avg.*	17.83%
CPI 1965	0.06
CPI 2018	104.48
CPI today*	107.6
kr1 in 1965	kr1,839.65 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 53 years between 1965 and 2018 and the average inflation rate has been 17.8284%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)ⁿ = kr100 * (1 + 0.18)⁵³ = kr183,965.29

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 1965 was 0.06 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.06
= kr183,965.29

Iceland inflation - Conversion table

Initial Value		Equivalent value
kr1 krona in 1965		kr1,894.55 kronur today
kr5 kronur in 1965		kr9,472.73 kronur today
kr10 kronur in 1965		kr18,945.47 kronur today
kr50 kronur in 1965		kr94,727.34 kronur today
kr100 kronur in 1965		kr189,454.69 kronur today
kr500 kronur in 1965		kr947,273.43 kronur today
kr1,000 kronur in 1965		kr1,894,546.86 kronur today
kr5,000 kronur in 1965		kr9,472,734.3 kronur today
kr10,000 kronur in 1965		kr18,945,468.6 kronur today
kr50,000 kronur in 1965		kr94,727,343 kronur today
kr100,000 kronur in 1965		kr189,454,686.01 kronur today
kr500,000 kronur in 1965		kr947,273,430.05 kronur today
kr1,000,000 kronur in 1965		kr1,894,546,860.1 kronur today

Value of Krona in time (by year)

Period	Value
1965	100
1966	109.09
1967	118.18
1968	126.67
1977	864.36
1978	1,152.49
1979	1,605.25
1980	2,510.77
1981	3,910.22
1982	5,844.75
1983	9,384.53
1984	16,546.4
1985	19,674.57
1986	26,754.13
1987	30,376.23
1988	37,785.07
1989	45,564.33
1990	57,048.03
1991	61,164.05
1992	65,773.99
1993	66,736.3
1994	69,893.24
1995	70,260.32
1996	71,655.24
1997	73,123.58
1998	74,665.35
1999	75,546.36
2000	79,731.14
2001	83,108.35
2002	90,283.22
2003	92,081.21
2004	94,634.85
2005	98,305.72
2006	102,343.67
2007	109,538.56
2008	115,925.86
2009	136,958.2
2010	147,210.12
2011	150,865.96
2012	158,782.65
2013	165,456.13
2014	172,306.33
2015	173,730.97
2016	177,231.47
2017	180,586.76
2018	183,965.29
Today	189,454.69