kr

Value of 1971 Icelandic Kronur today

kr100 in 1971
kr109,437.68 in 2022

The inflation rate in Iceland between 1971 and today has been 109,337.68%, which translates into a total increase of kr109,337.68. This means that 100 kronur in 1971 are equivalent to 109,437.68 kronur in 2022. In other words, the purchasing power of kr100 in 1971 equals kr109,437.68 today. The average annual inflation rate between these periods has been 14.71%.

Inflation timeline in Iceland (1971 - 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 1971-2021 102,198.04%
Cumulative inflation 1971-today 109,337.68%
Avg. Annual inflation 1971-2021 14.87%
CPI 1971 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 1971 and 2021, use the corresponding CPI values:

Value2021
=Value1971 ×
CPI2021/CPI1971
=kr 100 ×
117.59/0.11
kr102,298.04

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

Valuetoday
=Value1971 ×
CPItoday/CPI1971
=kr 100 ×
125.79/0.11
kr109,437.68

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 50 years between 1971 and 2021 and the average inflation rate was 14.8675%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.148675)50
kr102,298.04

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1971 kr1,022.98 kronur in 2021
kr5 kronur in 1971 kr5,114.9 kronur in 2021
kr10 kronur in 1971 kr10,229.8 kronur in 2021
kr50 kronur in 1971 kr51,149.02 kronur in 2021
kr100 kronur in 1971 kr102,298.04 kronur in 2021
kr500 kronur in 1971 kr511,490.18 kronur in 2021
kr1,000 kronur in 1971 kr1,022,980.36 kronur in 2021
kr5,000 kronur in 1971 kr5,114,901.78 kronur in 2021
kr10,000 kronur in 1971 kr10,229,803.56 kronur in 2021
kr50,000 kronur in 1971 kr51,149,017.8 kronur in 2021
kr100,000 kronur in 1971 kr102,298,035.6 kronur in 2021
kr500,000 kronur in 1971 kr511,490,178 kronur in 2021
kr1,000,000 kronur in 1971 kr1,022,980,355.99 kronur in 2021
Cumulative inflation From 1971 109,337.68%
Avg. annual inflation From 1971 14.71%
CPI 1971 0.11
CPI today 125.79

Value of Krona over time (by year)

Period Value
1971 100
1972 109.81
1973 133.26
1974 189.92
1975 283.67
1976 374.54
1977 488.09
1978 701.62
1979 1,013.46
1980 1,606.62
1981 2,438.74
1982 3,664.04
1983 6,740
1984 8,819.45
1985 11,641.2
1986 14,217.21
1987 16,818.65
1988 21,145.32
1989 25,534.71
1990 29,495.33
1991 31,503.6
1992 32,747.27
1993 34,071.2
1994 34,600.2
1995 35,171.53
1996 35,966.56
1997 36,619.51
1998 37,227.12
1999 38,430.23
2000 40,404.19
2001 42,992.11
2002 45,226.42
2003 46,156.13
2004 47,613.83
2005 49,512.21
2006 52,823.13
2007 55,491.53
2008 62,535.84
2009 70,042.09
2010 73,822.07
2011 76,775.71
2012 80,757.23
2013 83,884.36
2014 85,599.48
2015 86,997.37
2016 88,473.63
2017 90,031.15
2018 92,446.63
2019 95,232.98
2020 97,945.12
2021 102,298.04
2022-04 108,812.57
Today 109,437.68

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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