Value of 1977 Icelandic Kronur today

kr100 in 1977

kr21,864.08 in 2018

The inflation rate in Iceland between 1977 and today has been 21,764.08%, which translates into a total increase of kr21,764.08. This means that 100 kronur in 1977 are equivalent to 21,864.08 kronur in 2018. In other words, the purchasing power of kr100 in 1977 equals kr21,864.08 today. The average annual inflation rate has been 13.69%.

Inflation timeline in Iceland (1977-2018)

The following chart ilustrates the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1977-2018) 21,183.31%
Total Inflation* 21,764.08%
Annual inflation avg. (1977-2018) 13.97%
Annual inflation avg.* 13.69%
CPI 1977 0.49
CPI 2018 104.48
CPI today* 107.33
kr1 in 1977 kr212.83 in 2018

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 41 years between 1977 and 2018 and the average inflation rate has been 13.6862%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.14)41 = kr21,283.31

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1977 was 0.49 and the CPI today is 107.33. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.49
= kr21,283.31

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1977 kr218.64 kronur today
kr5 kronur in 1977 kr1,093.2 kronur today
kr10 kronur in 1977 kr2,186.41 kronur today
kr50 kronur in 1977 kr10,932.04 kronur today
kr100 kronur in 1977 kr21,864.08 kronur today
kr500 kronur in 1977 kr109,320.41 kronur today
kr1,000 kronur in 1977 kr218,640.82 kronur today
kr5,000 kronur in 1977 kr1,093,204.12 kronur today
kr10,000 kronur in 1977 kr2,186,408.24 kronur today
kr50,000 kronur in 1977 kr10,932,041.19 kronur today
kr100,000 kronur in 1977 kr21,864,082.37 kronur today
kr500,000 kronur in 1977 kr109,320,411.85 kronur today
kr1,000,000 kronur in 1977 kr218,640,823.7 kronur today

Value of Krona in time (by year)

Period Value
1977 100
1978 133.33
1979 185.71
1980 290.48
1981 452.38
1982 676.19
1983 1,085.71
1984 1,914.29
1985 2,276.19
1986 3,095.24
1987 3,514.29
1988 4,371.43
1989 5,271.43
1990 6,600
1991 7,076.19
1992 7,609.52
1993 7,720.85
1994 8,086.09
1995 8,128.56
1996 8,289.94
1997 8,459.81
1998 8,638.18
1999 8,740.11
2000 9,224.25
2001 9,614.97
2002 10,445.04
2003 10,653.06
2004 10,948.49
2005 11,373.18
2006 11,840.34
2007 12,672.73
2008 13,411.69
2009 15,844.96
2010 17,031.03
2011 17,453.98
2012 18,369.88
2013 19,141.95
2014 19,934.46
2015 20,099.28
2016 20,504.26
2017 20,892.44
2018 21,283.31
Today 21,864.08