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Value of 1966 Icelandic Kronur today

kr100 in 1966
kr191,558.14 in 2022

The inflation rate in Iceland between 1966 and today has been 191,458.14%, which translates into a total increase of kr191,458.14. This means that 100 kronur in 1966 are equivalent to 191,558.14 kronur in 2022. In other words, the purchasing power of kr100 in 1966 equals kr191,558.14 today. The average annual inflation rate between these periods has been 14.45%.

Inflation timeline in Iceland (1966 - 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 1966-2021 179,349.81%
Cumulative inflation 1966-today 191,458.14%
Avg. Annual inflation 1966-2021 14.59%
CPI 1966 0.07
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.52

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 1966 and 2021, use the corresponding CPI values:

Value2021
=Value1966 ×
CPI2021/CPI1966
=kr 100 ×
117.59/0.07
kr179,449.81

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.52:

Valuetoday
=Value1966 ×
CPItoday/CPI1966
=kr 100 ×
125.52/0.07
kr191,558.14

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 55 years between 1966 and 2021 and the average inflation rate was 14.5942%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.145942)55
kr179,449.81

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1966 kr1,794.5 kronur in 2021
kr5 kronur in 1966 kr8,972.49 kronur in 2021
kr10 kronur in 1966 kr17,944.98 kronur in 2021
kr50 kronur in 1966 kr89,724.9 kronur in 2021
kr100 kronur in 1966 kr179,449.81 kronur in 2021
kr500 kronur in 1966 kr897,249.03 kronur in 2021
kr1,000 kronur in 1966 kr1,794,498.06 kronur in 2021
kr5,000 kronur in 1966 kr8,972,490.29 kronur in 2021
kr10,000 kronur in 1966 kr17,944,980.58 kronur in 2021
kr50,000 kronur in 1966 kr89,724,902.89 kronur in 2021
kr100,000 kronur in 1966 kr179,449,805.79 kronur in 2021
kr500,000 kronur in 1966 kr897,249,028.95 kronur in 2021
kr1,000,000 kronur in 1966 kr1,794,498,057.89 kronur in 2021
Cumulative inflation From 1966 191,458.14%
Avg. annual inflation From 1966 14.45%
CPI 1966 0.07
CPI today 125.52

Value of Krona over time (by year)

Period Value
1966 100
1967 103.32
1968 119.06
1969 144.97
1970 164.35
1971 175.42
1972 192.63
1973 233.77
1974 333.15
1975 497.6
1976 657.01
1977 856.19
1978 1,230.78
1979 1,777.79
1980 2,818.31
1981 4,278
1982 6,427.4
1983 11,823.21
1984 15,470.95
1985 20,420.83
1986 24,939.63
1987 29,503.04
1988 37,092.83
1989 44,792.64
1990 51,740.3
1991 55,263.18
1992 57,444.81
1993 59,767.23
1994 60,695.2
1995 61,697.42
1996 63,092.04
1997 64,237.44
1998 65,303.29
1999 67,413.78
2000 70,876.47
2001 75,416.17
2002 79,335.56
2003 80,966.44
2004 83,523.52
2005 86,853.63
2006 92,661.6
2007 97,342.47
2008 109,699.51
2009 122,866.87
2010 129,497.66
2011 134,678.9
2012 141,663.21
2013 147,148.79
2014 150,157.43
2015 152,609.59
2016 155,199.23
2017 157,931.4
2018 162,168.6
2019 167,056.38
2020 171,813.98
2021 179,449.81
2022-04 190,877.52
Today 191,558.14

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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