Value of 1968 Icelandic Kronur today

kr100 in 1968

kr149,569.5 in 2018

The inflation rate in Iceland between 1968 and today has been 149,469.5%, which translates into a total increase of kr149,469.5. This means that 100 kronur in 1968 are equivalent to 149,569.5 kronur in 2018. In other words, the purchasing power of kr100 in 1968 equals kr149,569.5 today. The average annual inflation rate has been 18.53%.

Inflation timeline in Iceland (1968-2018)

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 (1968-2018) 145,135.77%
Total Inflation* 149,469.5%
Annual inflation avg. (1968-2018) 18.93%
Annual inflation avg.* 18.53%
CPI 1968 0.07
CPI 2018 104.48
CPI today* 107.6
kr1 in 1968 kr1,452.36 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 50 years between 1968 and 2018 and the average inflation rate has been 18.5314%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.19)50 = kr145,235.77

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 1968 was 0.07 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.07
= kr145,235.77

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1968 kr1,495.7 kronur today
kr5 kronur in 1968 kr7,478.48 kronur today
kr10 kronur in 1968 kr14,956.95 kronur today
kr50 kronur in 1968 kr74,784.75 kronur today
kr100 kronur in 1968 kr149,569.5 kronur today
kr500 kronur in 1968 kr747,847.5 kronur today
kr1,000 kronur in 1968 kr1,495,695 kronur today
kr5,000 kronur in 1968 kr7,478,475 kronur today
kr10,000 kronur in 1968 kr14,956,950 kronur today
kr50,000 kronur in 1968 kr74,784,750.02 kronur today
kr100,000 kronur in 1968 kr149,569,500.04 kronur today
kr500,000 kronur in 1968 kr747,847,500.22 kronur today
kr1,000,000 kronur in 1968 kr1,495,695,000.44 kronur today

Value of Krona in time (by year)

Period Value
1968 100
1977 682.39
1978 909.86
1979 1,267.3
1980 1,982.19
1981 3,087.02
1982 4,614.28
1983 7,408.84
1984 13,062.95
1985 15,532.56
1986 21,121.68
1987 23,981.23
1988 29,830.32
1989 35,971.84
1990 45,037.92
1991 48,287.41
1992 51,926.84
1993 52,686.56
1994 55,178.88
1995 55,468.68
1996 56,569.93
1997 57,729.15
1998 58,946.33
1999 59,641.87
2000 62,945.64
2001 65,611.86
2002 71,276.23
2003 72,695.7
2004 74,711.73
2005 77,609.78
2006 80,797.64
2007 86,477.81
2008 91,520.42
2009 108,124.9
2010 116,218.53
2011 119,104.71
2012 125,354.73
2013 130,623.27
2014 136,031.32
2015 137,156.04
2016 139,919.59
2017 142,568.51
2018 145,235.77
Today 149,569.5