kr

Value of 1977 Icelandic Kronur today

kr100 in 1977
kr25,547.85 in 2024

The inflation rate in Iceland between 1977 and today has been 25,447.85%, which translates into a total increase of kr25,447.85. This means that 100 kronur in 1977 are equivalent to 25,547.85 kronur in 2024. In other words, the purchasing power of kr100 in 1977 equals kr25,547.85 today. The average annual inflation rate between these periods has been 12.52%.

Inflation timeline in Iceland (1977 - 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 1977-2023 24,583.61%
Cumulative inflation 1977-today 25,447.85%
Avg. Annual inflation 1977-2023 12.72%
CPI 1977 0.56
CPI 2023 138.48
CPI 2023-12 (latest official data) 142.13
CPI today 143.33

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 1977 and 2023, use the corresponding CPI values:

Value2023
=Value1977 ×
CPI2023/CPI1977
=kr 100 ×
138.48/0.56
kr24,683.61

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 143.33:

Valuetoday
=Value1977 ×
CPItoday/CPI1977
=kr 100 ×
143.33/0.56
kr25,547.85

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 46 years between 1977 and 2023 and the average inflation rate was 12.7221%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.127221)46
kr24,683.61

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1977 kr246.84 kronur in 2023
kr5 kronur in 1977 kr1,234.18 kronur in 2023
kr10 kronur in 1977 kr2,468.36 kronur in 2023
kr50 kronur in 1977 kr12,341.81 kronur in 2023
kr100 kronur in 1977 kr24,683.61 kronur in 2023
kr500 kronur in 1977 kr123,418.06 kronur in 2023
kr1,000 kronur in 1977 kr246,836.12 kronur in 2023
kr5,000 kronur in 1977 kr1,234,180.6 kronur in 2023
kr10,000 kronur in 1977 kr2,468,361.2 kronur in 2023
kr50,000 kronur in 1977 kr12,341,806 kronur in 2023
kr100,000 kronur in 1977 kr24,683,611.99 kronur in 2023
kr500,000 kronur in 1977 kr123,418,059.95 kronur in 2023
kr1,000,000 kronur in 1977 kr246,836,119.91 kronur in 2023
Cumulative inflation From 1977 25,447.85%
Avg. annual inflation From 1977 12.52%
CPI 1977 0.56
CPI today 143.33

Value of Krona over time (by year)

Period Value
1977 100
1978 143.75
1979 207.64
1980 329.17
1981 499.65
1982 750.69
1983 1,380.9
1984 1,806.94
1985 2,385.07
1986 2,912.85
1987 3,445.83
1988 4,332.29
1989 5,231.6
1990 6,043.05
1991 6,454.51
1992 6,709.32
1993 6,980.57
1994 7,088.95
1995 7,206.01
1996 7,368.89
1997 7,502.67
1998 7,627.16
1999 7,873.65
2000 8,278.08
2001 8,808.3
2002 9,266.07
2003 9,456.55
2004 9,755.2
2005 10,144.15
2006 10,822.49
2007 11,369.2
2008 12,812.45
2009 14,350.35
2010 15,124.8
2011 15,729.94
2012 16,545.68
2013 17,186.38
2014 17,537.77
2015 17,824.17
2016 18,126.63
2017 18,445.74
2018 18,940.63
2019 19,511.5
2020 20,067.17
2021 20,959
2022 22,700.42
2023 24,683.61
2023-12 25,332.66
Today 25,547.85

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 | 2022 | 2023 |

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