kr

Value of 1965 Icelandic Kronur today

kr100 in 1965
kr220,634.35 in 2022

The inflation rate in Iceland between 1965 and today has been 220,534.35%, which translates into a total increase of kr220,534.35. This means that 100 kronur in 1965 are equivalent to 220,634.35 kronur in 2022. In other words, the purchasing power of kr100 in 1965 equals kr220,634.35 today. The average annual inflation rate between these periods has been 14.46%.

Inflation timeline in Iceland (1965 - 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 1965-2021 198,527%
Cumulative inflation 1965-today 220,534.35%
Avg. Annual inflation 1965-2021 14.52%
CPI 1965 0.06
CPI 2021 117.59
CPI 2022-08 (latest official data) 129.68
CPI today 130.62

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 1965 and 2021, use the corresponding CPI values:

Value2021
=Value1965 ×
CPI2021/CPI1965
=kr 100 ×
117.59/0.06
kr198,627

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.62:

Valuetoday
=Value1965 ×
CPItoday/CPI1965
=kr 100 ×
130.62/0.06
kr220,634.35

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 56 years between 1965 and 2021 and the average inflation rate was 14.5232%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.145232)56
kr198,627

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1965 kr1,986.27 kronur in 2021
kr5 kronur in 1965 kr9,931.35 kronur in 2021
kr10 kronur in 1965 kr19,862.7 kronur in 2021
kr50 kronur in 1965 kr99,313.5 kronur in 2021
kr100 kronur in 1965 kr198,627 kronur in 2021
kr500 kronur in 1965 kr993,134.98 kronur in 2021
kr1,000 kronur in 1965 kr1,986,269.97 kronur in 2021
kr5,000 kronur in 1965 kr9,931,349.85 kronur in 2021
kr10,000 kronur in 1965 kr19,862,699.7 kronur in 2021
kr50,000 kronur in 1965 kr99,313,498.48 kronur in 2021
kr100,000 kronur in 1965 kr198,626,996.95 kronur in 2021
kr500,000 kronur in 1965 kr993,134,984.77 kronur in 2021
kr1,000,000 kronur in 1965 kr1,986,269,969.54 kronur in 2021
Cumulative inflation From 1965 220,534.35%
Avg. annual inflation From 1965 14.46%
CPI 1965 0.06
CPI today 130.62

Value of Krona over time (by year)

Period Value
1965 100
1966 110.69
1967 114.36
1968 131.78
1969 160.46
1970 181.92
1971 194.17
1972 213.22
1973 258.75
1974 368.76
1975 550.78
1976 727.22
1977 947.69
1978 1,362.31
1979 1,967.78
1980 3,119.49
1981 4,735.17
1982 7,114.28
1983 13,086.72
1984 17,124.28
1985 22,603.13
1986 27,604.84
1987 32,655.93
1988 41,056.81
1989 49,579.48
1990 57,269.61
1991 61,168.97
1992 63,583.75
1993 66,154.35
1994 67,181.49
1995 68,290.81
1996 69,834.47
1997 71,102.27
1998 72,282.03
1999 74,618.06
2000 78,450.8
2001 83,475.64
2002 87,813.88
2003 89,619.05
2004 92,449.4
2005 96,135.38
2006 102,564.03
2007 107,745.13
2008 121,422.73
2009 135,997.23
2010 143,336.64
2011 149,071.57
2012 156,802.28
2013 162,874.09
2014 166,204.25
2015 168,918.46
2016 171,784.84
2017 174,808.99
2018 179,499.01
2019 184,909.13
2020 190,175.16
2021 198,627
2022-08 219,056.84
Today 220,634.35

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 |

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