kr

Value of 1973 Icelandic Kronur today

kr100 in 1973
kr82,122.49 in 2022

The inflation rate in Iceland between 1973 and today has been 82,022.49%, which translates into a total increase of kr82,022.49. This means that 100 kronur in 1973 are equivalent to 82,122.49 kronur in 2022. In other words, the purchasing power of kr100 in 1973 equals kr82,122.49 today. The average annual inflation rate between these periods has been 14.68%.

Inflation timeline in Iceland (1973 - 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 1973-2021 76,664.87%
Cumulative inflation 1973-today 82,022.49%
Avg. Annual inflation 1973-2021 14.84%
CPI 1973 0.15
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 1973 and 2021, use the corresponding CPI values:

Value2021
=Value1973 ×
CPI2021/CPI1973
=kr 100 ×
117.59/0.15
kr76,764.87

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

Valuetoday
=Value1973 ×
CPItoday/CPI1973
=kr 100 ×
125.79/0.15
kr82,122.49

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 48 years between 1973 and 2021 and the average inflation rate was 14.8438%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.148438)48
kr76,764.87

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1973 kr767.65 kronur in 2021
kr5 kronur in 1973 kr3,838.24 kronur in 2021
kr10 kronur in 1973 kr7,676.49 kronur in 2021
kr50 kronur in 1973 kr38,382.43 kronur in 2021
kr100 kronur in 1973 kr76,764.87 kronur in 2021
kr500 kronur in 1973 kr383,824.33 kronur in 2021
kr1,000 kronur in 1973 kr767,648.66 kronur in 2021
kr5,000 kronur in 1973 kr3,838,243.28 kronur in 2021
kr10,000 kronur in 1973 kr7,676,486.56 kronur in 2021
kr50,000 kronur in 1973 kr38,382,432.82 kronur in 2021
kr100,000 kronur in 1973 kr76,764,865.63 kronur in 2021
kr500,000 kronur in 1973 kr383,824,328.17 kronur in 2021
kr1,000,000 kronur in 1973 kr767,648,656.34 kronur in 2021
Cumulative inflation From 1973 82,022.49%
Avg. annual inflation From 1973 14.68%
CPI 1973 0.15
CPI today 125.79

Value of Krona over time (by year)

Period Value
1973 100
1974 142.52
1975 212.86
1976 281.06
1977 366.26
1978 526.5
1979 760.5
1980 1,205.61
1981 1,830.04
1982 2,749.51
1983 5,057.72
1984 6,618.15
1985 8,735.6
1986 10,668.65
1987 12,620.78
1988 15,867.54
1989 19,161.35
1990 22,133.42
1991 23,640.43
1992 24,573.69
1993 25,567.17
1994 25,964.13
1995 26,392.86
1996 26,989.45
1997 27,479.43
1998 27,935.38
1999 28,838.2
2000 30,319.47
2001 32,261.46
2002 33,938.09
2003 34,635.75
2004 35,729.61
2005 37,154.16
2006 39,638.69
2007 41,641.07
2008 46,927.15
2009 52,559.87
2010 55,396.39
2011 57,612.81
2012 60,600.55
2013 62,947.17
2014 64,234.2
2015 65,283.19
2016 66,390.98
2017 67,559.74
2018 69,372.33
2019 71,463.22
2020 73,498.42
2021 76,764.87
2022-04 81,653.4
Today 82,122.49

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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