kr

Value of 1968 Icelandic Kronur today

kr100 in 1968
kr186,404.86 in 2024

The inflation rate in Iceland between 1968 and today has been 186,304.86%, which translates into a total increase of kr186,304.86. This means that 100 kronur in 1968 are equivalent to 186,404.86 kronur in 2024. In other words, the purchasing power of kr100 in 1968 equals kr186,404.86 today. The average annual inflation rate between these periods has been 14.39%.

Inflation timeline in Iceland (1968 - 2024)

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 1968-2023 177,410.28%
Cumulative inflation 1968-today 186,304.86%
Avg. Annual inflation 1968-2023 14.57%
CPI 1968 0.08
CPI 2023 138.48
CPI 2024-03 (latest official data) 144.91
CPI today 145.42

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 1968 and 2023, use the corresponding CPI values:

Value2023
=Value1968 ×
CPI2023/CPI1968
=kr 100 ×
138.48/0.08
kr177,510.28

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 145.42:

Valuetoday
=Value1968 ×
CPItoday/CPI1968
=kr 100 ×
145.42/0.08
kr186,404.86

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 1968 and 2023 and the average inflation rate was 14.5716%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.145716)55
kr177,510.28

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1968 kr1,775.1 kronur in 2023
kr5 kronur in 1968 kr8,875.51 kronur in 2023
kr10 kronur in 1968 kr17,751.03 kronur in 2023
kr50 kronur in 1968 kr88,755.14 kronur in 2023
kr100 kronur in 1968 kr177,510.28 kronur in 2023
kr500 kronur in 1968 kr887,551.4 kronur in 2023
kr1,000 kronur in 1968 kr1,775,102.81 kronur in 2023
kr5,000 kronur in 1968 kr8,875,514.04 kronur in 2023
kr10,000 kronur in 1968 kr17,751,028.08 kronur in 2023
kr50,000 kronur in 1968 kr88,755,140.39 kronur in 2023
kr100,000 kronur in 1968 kr177,510,280.77 kronur in 2023
kr500,000 kronur in 1968 kr887,551,403.85 kronur in 2023
kr1,000,000 kronur in 1968 kr1,775,102,807.71 kronur in 2023
Cumulative inflation From 1968 186,304.86%
Avg. annual inflation From 1968 14.39%
CPI 1968 0.08
CPI today 145.42

Value of Krona over time (by year)

Period Value
1968 100
1969 121.76
1970 138.05
1971 147.34
1972 161.8
1973 196.35
1974 279.83
1975 417.95
1976 551.84
1977 719.14
1978 1,033.77
1979 1,493.22
1980 2,367.18
1981 3,593.21
1982 5,398.56
1983 9,930.65
1984 12,994.49
1985 17,152.04
1986 20,947.51
1987 24,780.44
1988 31,155.33
1989 37,622.62
1990 43,458.16
1991 46,417.13
1992 48,249.55
1993 50,200.21
1994 50,979.64
1995 51,821.43
1996 52,992.81
1997 53,954.86
1998 54,850.11
1999 56,622.76
2000 59,531.18
2001 63,344.2
2002 66,636.21
2003 68,006.03
2004 70,153.8
2005 72,950.85
2006 77,829.13
2007 81,760.73
2008 92,139.76
2009 103,199.4
2010 108,768.8
2011 113,120.66
2012 118,986.99
2013 123,594.49
2014 126,121.53
2015 128,181.17
2016 130,356.27
2017 132,651.1
2018 136,210.05
2019 140,315.44
2020 144,311.49
2021 150,725.03
2022 163,248.33
2023 177,510.28
2024-03 185,746.69
Today 186,404.86

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 | 2022 | 2023 |

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