kr

Value of 1974 Icelandic Kronur today

kr100 in 1974
kr67,685.61 in 2024

The inflation rate in Iceland between 1974 and today has been 67,585.61%, which translates into a total increase of kr67,585.61. This means that 100 kronur in 1974 are equivalent to 67,685.61 kronur in 2024. In other words, the purchasing power of kr100 in 1974 equals kr67,685.61 today. The average annual inflation rate between these periods has been 13.92%.

Inflation timeline in Iceland (1974 - 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 1974-2023 63,336.12%
Cumulative inflation 1974-today 67,585.61%
Avg. Annual inflation 1974-2023 14.08%
CPI 1974 0.22
CPI 2023 138.48
CPI 2024-06 (latest official data) 147.27
CPI today 147.76

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 1974 and 2023, use the corresponding CPI values:

Value2023
=Value1974 ×
CPI2023/CPI1974
=kr 100 ×
138.48/0.22
kr63,436.12

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.76:

Valuetoday
=Value1974 ×
CPItoday/CPI1974
=kr 100 ×
147.76/0.22
kr67,685.61

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 49 years between 1974 and 2023 and the average inflation rate was 14.075%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.14075)49
kr63,436.12

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1974 kr634.36 kronur in 2023
kr5 kronur in 1974 kr3,171.81 kronur in 2023
kr10 kronur in 1974 kr6,343.61 kronur in 2023
kr50 kronur in 1974 kr31,718.06 kronur in 2023
kr100 kronur in 1974 kr63,436.12 kronur in 2023
kr500 kronur in 1974 kr317,180.59 kronur in 2023
kr1,000 kronur in 1974 kr634,361.18 kronur in 2023
kr5,000 kronur in 1974 kr3,171,805.89 kronur in 2023
kr10,000 kronur in 1974 kr6,343,611.79 kronur in 2023
kr50,000 kronur in 1974 kr31,718,058.95 kronur in 2023
kr100,000 kronur in 1974 kr63,436,117.9 kronur in 2023
kr500,000 kronur in 1974 kr317,180,589.5 kronur in 2023
kr1,000,000 kronur in 1974 kr634,361,179 kronur in 2023
Cumulative inflation From 1974 67,585.61%
Avg. annual inflation From 1974 13.92%
CPI 1974 0.22
CPI today 147.76

Value of Krona over time (by year)

Period Value
1974 100
1975 149.36
1976 197.21
1977 257
1978 369.43
1979 533.63
1980 845.95
1981 1,284.09
1982 1,929.26
1983 3,548.88
1984 4,643.79
1985 6,129.55
1986 7,485.92
1987 8,855.69
1988 11,133.85
1989 13,445.04
1990 15,530.46
1991 16,587.9
1992 17,242.74
1993 17,939.84
1994 18,218.38
1995 18,519.21
1996 18,937.82
1997 19,281.63
1998 19,601.56
1999 20,235.04
2000 21,274.41
2001 22,637.06
2002 23,813.51
2003 24,303.04
2004 25,070.57
2005 26,070.15
2006 27,813.48
2007 29,218.5
2008 32,927.61
2009 36,879.95
2010 38,870.26
2011 40,425.47
2012 42,521.89
2013 44,168.45
2014 45,071.53
2015 45,807.58
2016 46,584.88
2017 47,404.98
2018 48,676.83
2019 50,143.95
2020 51,572
2021 53,863.98
2022 58,339.38
2023 63,436.12
2024-06 67,459.21
Today 67,685.61

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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