kr

Value of 1970 Icelandic Kronur today

kr100 in 1970
kr116,804.82 in 2022

The inflation rate in Iceland between 1970 and today has been 116,704.82%, which translates into a total increase of kr116,704.82. This means that 100 kronur in 1970 are equivalent to 116,804.82 kronur in 2022. In other words, the purchasing power of kr100 in 1970 equals kr116,804.82 today. The average annual inflation rate between these periods has been 14.55%.

Inflation timeline in Iceland (1970 - 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 1970-2021 109,084.55%
Cumulative inflation 1970-today 116,704.82%
Avg. Annual inflation 1970-2021 14.7%
CPI 1970 0.11
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.79

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 1970 and 2021, use the corresponding CPI values:

Value2021
=Value1970 ×
CPI2021/CPI1970
=kr 100 ×
117.59/0.11
kr109,184.55

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.79:

Valuetoday
=Value1970 ×
CPItoday/CPI1970
=kr 100 ×
125.79/0.11
kr116,804.82

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 51 years between 1970 and 2021 and the average inflation rate was 14.7022%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.147022)51
kr109,184.55

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1970 kr1,091.85 kronur in 2021
kr5 kronur in 1970 kr5,459.23 kronur in 2021
kr10 kronur in 1970 kr10,918.45 kronur in 2021
kr50 kronur in 1970 kr54,592.27 kronur in 2021
kr100 kronur in 1970 kr109,184.55 kronur in 2021
kr500 kronur in 1970 kr545,922.74 kronur in 2021
kr1,000 kronur in 1970 kr1,091,845.48 kronur in 2021
kr5,000 kronur in 1970 kr5,459,227.4 kronur in 2021
kr10,000 kronur in 1970 kr10,918,454.8 kronur in 2021
kr50,000 kronur in 1970 kr54,592,274 kronur in 2021
kr100,000 kronur in 1970 kr109,184,548 kronur in 2021
kr500,000 kronur in 1970 kr545,922,740.01 kronur in 2021
kr1,000,000 kronur in 1970 kr1,091,845,480.01 kronur in 2021
Cumulative inflation From 1970 116,704.82%
Avg. annual inflation From 1970 14.55%
CPI 1970 0.11
CPI today 125.79

Value of Krona over time (by year)

Period Value
1970 100
1971 106.73
1972 117.2
1973 142.23
1974 202.7
1975 302.76
1976 399.75
1977 520.94
1978 748.86
1979 1,081.68
1980 1,714.77
1981 2,602.91
1982 3,910.69
1983 7,193.72
1984 9,413.15
1985 12,424.86
1986 15,174.28
1987 17,950.85
1988 22,568.78
1989 27,253.66
1990 31,480.9
1991 33,624.37
1992 34,951.76
1993 36,364.81
1994 36,929.42
1995 37,539.21
1996 38,387.76
1997 39,084.67
1998 39,733.18
1999 41,017.28
2000 43,124.12
2001 45,886.26
2002 48,270.98
2003 49,263.27
2004 50,819.1
2005 52,845.27
2006 56,379.08
2007 59,227.11
2008 66,745.64
2009 74,757.19
2010 78,791.64
2011 81,944.11
2012 86,193.65
2013 89,531.3
2014 91,361.88
2015 92,853.87
2016 94,429.51
2017 96,091.87
2018 98,669.96
2019 101,643.88
2020 104,538.6
2021 109,184.55
2022-04 116,137.63
Today 116,804.82

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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