kr

Value of 1978 Icelandic Kronur today

kr100 in 1978
kr18,238.96 in 2024

The inflation rate in Iceland between 1978 and today has been 18,138.96%, which translates into a total increase of kr18,138.96. This means that 100 kronur in 1978 are equivalent to 18,238.96 kronur in 2024. In other words, the purchasing power of kr100 in 1978 equals kr18,238.96 today. The average annual inflation rate between these periods has been 11.98%.

Inflation timeline in Iceland (1978 - 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 1978-2023 17,071.21%
Cumulative inflation 1978-today 18,138.96%
Avg. Annual inflation 1978-2023 12.11%
CPI 1978 0.81
CPI 2023 138.48
CPI 2024-05 (latest official data) 146.55
CPI today 147.1

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 1978 and 2023, use the corresponding CPI values:

Value2023
=Value1978 ×
CPI2023/CPI1978
=kr 100 ×
138.48/0.81
kr17,171.21

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.1:

Valuetoday
=Value1978 ×
CPItoday/CPI1978
=kr 100 ×
147.1/0.81
kr18,238.96

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 1978 and 2023 and the average inflation rate was 12.1146%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.121146)45
kr17,171.21

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1978 kr171.71 kronur in 2023
kr5 kronur in 1978 kr858.56 kronur in 2023
kr10 kronur in 1978 kr1,717.12 kronur in 2023
kr50 kronur in 1978 kr8,585.6 kronur in 2023
kr100 kronur in 1978 kr17,171.21 kronur in 2023
kr500 kronur in 1978 kr85,856.05 kronur in 2023
kr1,000 kronur in 1978 kr171,712.1 kronur in 2023
kr5,000 kronur in 1978 kr858,560.48 kronur in 2023
kr10,000 kronur in 1978 kr1,717,120.97 kronur in 2023
kr50,000 kronur in 1978 kr8,585,604.84 kronur in 2023
kr100,000 kronur in 1978 kr17,171,209.67 kronur in 2023
kr500,000 kronur in 1978 kr85,856,048.36 kronur in 2023
kr1,000,000 kronur in 1978 kr171,712,096.72 kronur in 2023
Cumulative inflation From 1978 18,138.96%
Avg. annual inflation From 1978 11.98%
CPI 1978 0.81
CPI today 147.1

Value of Krona over time (by year)

Period Value
1978 100
1979 144.44
1980 228.99
1981 347.58
1982 522.22
1983 960.63
1984 1,257
1985 1,659.18
1986 2,026.33
1987 2,397.1
1988 3,013.77
1989 3,639.37
1990 4,203.86
1991 4,490.1
1992 4,667.35
1993 4,856.05
1994 4,931.44
1995 5,012.87
1996 5,126.19
1997 5,219.25
1998 5,305.85
1999 5,477.32
2000 5,758.67
2001 6,127.51
2002 6,445.96
2003 6,578.47
2004 6,786.23
2005 7,056.8
2006 7,528.69
2007 7,909.01
2008 8,913.01
2009 9,982.85
2010 10,521.6
2011 10,942.57
2012 11,510.04
2013 11,955.74
2014 12,200.19
2015 12,399.43
2016 12,609.83
2017 12,831.82
2018 13,176.09
2019 13,573.22
2020 13,959.77
2021 14,580.18
2022 15,791.6
2023 17,171.21
2024-05 18,170.91
Today 18,238.96

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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