kr

Value of 1976 Icelandic Kronur today

kr100 in 1976
kr29,219.34 in 2022

The inflation rate in Iceland between 1976 and today has been 29,119.34%, which translates into a total increase of kr29,119.34. This means that 100 kronur in 1976 are equivalent to 29,219.34 kronur in 2022. In other words, the purchasing power of kr100 in 1976 equals kr29,219.34 today. The average annual inflation rate between these periods has been 13.14%.

Inflation timeline in Iceland (1976 - 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 1976-2021 27,213.09%
Cumulative inflation 1976-today 29,119.34%
Avg. Annual inflation 1976-2021 13.28%
CPI 1976 0.43
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 1976 and 2021, use the corresponding CPI values:

Value2021
=Value1976 ×
CPI2021/CPI1976
=kr 100 ×
117.59/0.43
kr27,313.09

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

Valuetoday
=Value1976 ×
CPItoday/CPI1976
=kr 100 ×
125.79/0.43
kr29,219.34

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 45 years between 1976 and 2021 and the average inflation rate was 13.277%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.13277)45
kr27,313.09

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1976 kr273.13 kronur in 2021
kr5 kronur in 1976 kr1,365.65 kronur in 2021
kr10 kronur in 1976 kr2,731.31 kronur in 2021
kr50 kronur in 1976 kr13,656.55 kronur in 2021
kr100 kronur in 1976 kr27,313.09 kronur in 2021
kr500 kronur in 1976 kr136,565.46 kronur in 2021
kr1,000 kronur in 1976 kr273,130.91 kronur in 2021
kr5,000 kronur in 1976 kr1,365,654.55 kronur in 2021
kr10,000 kronur in 1976 kr2,731,309.1 kronur in 2021
kr50,000 kronur in 1976 kr13,656,545.5 kronur in 2021
kr100,000 kronur in 1976 kr27,313,091 kronur in 2021
kr500,000 kronur in 1976 kr136,565,455.02 kronur in 2021
kr1,000,000 kronur in 1976 kr273,130,910.05 kronur in 2021
Cumulative inflation From 1976 29,119.34%
Avg. annual inflation From 1976 13.14%
CPI 1976 0.43
CPI today 125.79

Value of Krona over time (by year)

Period Value
1976 100
1977 130.32
1978 187.33
1979 270.59
1980 428.96
1981 651.13
1982 978.28
1983 1,799.55
1984 2,354.75
1985 3,108.14
1986 3,795.93
1987 4,490.5
1988 5,645.7
1989 6,817.65
1990 7,875.11
1991 8,411.31
1992 8,743.37
1993 9,096.85
1994 9,238.09
1995 9,390.63
1996 9,602.9
1997 9,777.24
1998 9,939.46
1999 10,260.69
2000 10,787.73
2001 11,478.69
2002 12,075.24
2003 12,323.47
2004 12,712.67
2005 13,219.52
2006 14,103.52
2007 14,815.97
2008 16,696.77
2009 18,700.91
2010 19,710.14
2011 20,498.75
2012 21,561.8
2013 22,396.73
2014 22,854.66
2015 23,227.89
2016 23,622.04
2017 24,037.89
2018 24,682.81
2019 25,426.75
2020 26,150.88
2021 27,313.09
2022-04 29,052.44
Today 29,219.34

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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