Value of 1967 Icelandic Kronur today

kr100 in 1967

kr160,307.93 in 2018

The inflation rate in Iceland between 1967 and today has been 160,207.93%, which translates into a total increase of kr160,207.93. This means that 100 kronur in 1967 are equivalent to 160,307.93 kronur in 2018. In other words, the purchasing power of kr100 in 1967 equals kr160,307.93 today. The average annual inflation rate has been 18.26%.

Inflation timeline in Iceland (1967-2018)

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 (1967-2018) 155,562.93%
Total Inflation* 160,207.93%
Annual inflation avg. (1967-2018) 18.64%
Annual inflation avg.* 18.26%
CPI 1967 0.07
CPI 2018 104.48
CPI today* 107.6
kr1 in 1967 kr1,556.63 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 51 years between 1967 and 2018 and the average inflation rate has been 18.2605%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.18)51 = kr155,662.93

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 1967 was 0.07 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.07
= kr155,662.93

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1967 kr1,603.08 kronur today
kr5 kronur in 1967 kr8,015.4 kronur today
kr10 kronur in 1967 kr16,030.79 kronur today
kr50 kronur in 1967 kr80,153.96 kronur today
kr100 kronur in 1967 kr160,307.93 kronur today
kr500 kronur in 1967 kr801,539.64 kronur today
kr1,000 kronur in 1967 kr1,603,079.28 kronur today
kr5,000 kronur in 1967 kr8,015,396.41 kronur today
kr10,000 kronur in 1967 kr16,030,792.82 kronur today
kr50,000 kronur in 1967 kr80,153,964.08 kronur today
kr100,000 kronur in 1967 kr160,307,928.17 kronur today
kr500,000 kronur in 1967 kr801,539,640.83 kronur today
kr1,000,000 kronur in 1967 kr1,603,079,281.66 kronur today

Value of Krona in time (by year)

Period Value
1967 100
1968 107.18
1977 731.39
1978 975.18
1979 1,358.29
1980 2,124.5
1981 3,308.65
1982 4,945.56
1983 7,940.75
1984 14,000.8
1985 16,647.71
1986 22,638.11
1987 25,702.96
1988 31,971.98
1989 38,554.43
1990 48,271.4
1991 51,754.19
1992 55,654.92
1993 56,469.17
1994 59,140.43
1995 59,451.04
1996 60,631.35
1997 61,873.8
1998 63,178.37
1999 63,923.84
2000 67,464.81
2001 70,322.45
2002 76,393.49
2003 77,914.87
2004 80,075.64
2005 83,181.76
2006 86,598.48
2007 92,686.47
2008 98,091.11
2009 115,887.7
2010 124,562.41
2011 127,655.8
2012 134,354.54
2013 140,001.33
2014 145,797.66
2015 147,003.13
2016 149,965.08
2017 152,804.18
2018 155,662.93
Today 160,307.93