kr

Value of 1971 Icelandic Kronur today

kr100 in 1971
kr128,404.63 in 2024

The inflation rate in Iceland between 1971 and today has been 128,304.63%, which translates into a total increase of kr128,304.63. This means that 100 kronur in 1971 are equivalent to 128,404.63 kronur in 2024. In other words, the purchasing power of kr100 in 1971 equals kr128,404.63 today. The average annual inflation rate between these periods has been 14.46%.

Inflation timeline in Iceland (1971 - 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 1971-2023 120,377.35%
Cumulative inflation 1971-today 128,304.63%
Avg. Annual inflation 1971-2023 14.62%
CPI 1971 0.11
CPI 2023 138.48
CPI 2024-06 (latest official data) 147.27
CPI today 147.6

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 2023, use the corresponding CPI values:

Value2023
=Value1971 ×
CPI2023/CPI1971
=kr 100 ×
138.48/0.11
kr120,477.35

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.6:

Valuetoday
=Value1971 ×
CPItoday/CPI1971
=kr 100 ×
147.6/0.11
kr128,404.63

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 52 years between 1971 and 2023 and the average inflation rate was 14.6168%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.146168)52
kr120,477.35

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1971 kr1,204.77 kronur in 2023
kr5 kronur in 1971 kr6,023.87 kronur in 2023
kr10 kronur in 1971 kr12,047.74 kronur in 2023
kr50 kronur in 1971 kr60,238.68 kronur in 2023
kr100 kronur in 1971 kr120,477.35 kronur in 2023
kr500 kronur in 1971 kr602,386.77 kronur in 2023
kr1,000 kronur in 1971 kr1,204,773.55 kronur in 2023
kr5,000 kronur in 1971 kr6,023,867.73 kronur in 2023
kr10,000 kronur in 1971 kr12,047,735.46 kronur in 2023
kr50,000 kronur in 1971 kr60,238,677.29 kronur in 2023
kr100,000 kronur in 1971 kr120,477,354.58 kronur in 2023
kr500,000 kronur in 1971 kr602,386,772.92 kronur in 2023
kr1,000,000 kronur in 1971 kr1,204,773,545.84 kronur in 2023
Cumulative inflation From 1971 128,304.63%
Avg. annual inflation From 1971 14.46%
CPI 1971 0.11
CPI today 147.6

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 110,797.68
2023 120,477.35
2024-06 128,117.99
Today 128,404.63

All available years

Today's value of icelandic kronur by year:

1955 | 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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