kr

Value of 1967 Icelandic Kronur today

kr100 in 1967
kr185,475.54 in 2022

The inflation rate in Iceland between 1967 and today has been 185,375.54%, which translates into a total increase of kr185,375.54. This means that 100 kronur in 1967 are equivalent to 185,475.54 kronur in 2022. In other words, the purchasing power of kr100 in 1967 equals kr185,475.54 today. The average annual inflation rate between these periods has been 14.66%.

Inflation timeline in Iceland (1967 - 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 1967-2021 173,583.12%
Cumulative inflation 1967-today 185,375.54%
Avg. Annual inflation 1967-2021 14.81%
CPI 1967 0.07
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.57

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 1967 and 2021, use the corresponding CPI values:

Value2021
=Value1967 ×
CPI2021/CPI1967
=kr 100 ×
117.59/0.07
kr173,683.12

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.57:

Valuetoday
=Value1967 ×
CPItoday/CPI1967
=kr 100 ×
125.57/0.07
kr185,475.54

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 54 years between 1967 and 2021 and the average inflation rate was 14.8142%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.148142)54
kr173,683.12

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1967 kr1,736.83 kronur in 2021
kr5 kronur in 1967 kr8,684.16 kronur in 2021
kr10 kronur in 1967 kr17,368.31 kronur in 2021
kr50 kronur in 1967 kr86,841.56 kronur in 2021
kr100 kronur in 1967 kr173,683.12 kronur in 2021
kr500 kronur in 1967 kr868,415.59 kronur in 2021
kr1,000 kronur in 1967 kr1,736,831.18 kronur in 2021
kr5,000 kronur in 1967 kr8,684,155.88 kronur in 2021
kr10,000 kronur in 1967 kr17,368,311.75 kronur in 2021
kr50,000 kronur in 1967 kr86,841,558.75 kronur in 2021
kr100,000 kronur in 1967 kr173,683,117.51 kronur in 2021
kr500,000 kronur in 1967 kr868,415,587.53 kronur in 2021
kr1,000,000 kronur in 1967 kr1,736,831,175.06 kronur in 2021
Cumulative inflation From 1967 185,375.54%
Avg. annual inflation From 1967 14.66%
CPI 1967 0.07
CPI today 125.57

Value of Krona over time (by year)

Period Value
1967 100
1968 115.23
1969 140.31
1970 159.07
1971 169.78
1972 186.44
1973 226.25
1974 322.45
1975 481.61
1976 635.9
1977 828.68
1978 1,191.23
1979 1,720.66
1980 2,727.74
1981 4,140.52
1982 6,220.86
1983 11,443.27
1984 14,973.79
1985 19,764.6
1986 24,138.18
1987 28,554.94
1988 35,900.84
1989 43,353.21
1990 50,077.6
1991 53,487.28
1992 55,598.8
1993 57,846.58
1994 58,744.74
1995 59,714.75
1996 61,064.55
1997 62,173.14
1998 63,204.75
1999 65,247.41
2000 68,598.83
2001 72,992.64
2002 76,786.08
2003 78,364.55
2004 80,839.46
2005 84,062.56
2006 89,683.88
2007 94,214.33
2008 106,174.28
2009 118,918.49
2010 125,336.21
2011 130,350.94
2012 137,110.81
2013 142,420.11
2014 145,332.07
2015 147,705.43
2016 150,211.84
2017 152,856.21
2018 156,957.25
2019 161,687.96
2020 166,292.68
2021 173,683.12
2022-04 184,743.6
Today 185,475.54

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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