Value of 1978 Icelandic Kronur today

kr100 in 1978

kr16,438.75 in 2018

The inflation rate in Iceland between 1978 and today has been 16,338.75%, which translates into a total increase of kr16,338.75. This means that 100 kronur in 1978 are equivalent to 16,438.75 kronur in 2018. In other words, the purchasing power of kr100 in 1978 equals kr16,438.75 today. The average annual inflation rate has been 13.25%.

Inflation timeline in Iceland (1978-2018)

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 (1978-2018) 15,862.48%
Total Inflation* 16,338.75%
Annual inflation avg. (1978-2018) 13.52%
Annual inflation avg.* 13.25%
CPI 1978 0.65
CPI 2018 104.48
CPI today* 107.6
kr1 in 1978 kr159.62 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 40 years between 1978 and 2018 and the average inflation rate has been 13.2519%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.13)40 = kr15,962.48

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 1978 was 0.65 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/0.65
= kr15,962.48

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1978 kr164.39 kronur today
kr5 kronur in 1978 kr821.94 kronur today
kr10 kronur in 1978 kr1,643.88 kronur today
kr50 kronur in 1978 kr8,219.38 kronur today
kr100 kronur in 1978 kr16,438.75 kronur today
kr500 kronur in 1978 kr82,193.77 kronur today
kr1,000 kronur in 1978 kr164,387.53 kronur today
kr5,000 kronur in 1978 kr821,937.66 kronur today
kr10,000 kronur in 1978 kr1,643,875.31 kronur today
kr50,000 kronur in 1978 kr8,219,376.57 kronur today
kr100,000 kronur in 1978 kr16,438,753.14 kronur today
kr500,000 kronur in 1978 kr82,193,765.69 kronur today
kr1,000,000 kronur in 1978 kr164,387,531.38 kronur today

Value of Krona in time (by year)

Period Value
1978 100
1979 139.29
1980 217.86
1981 339.29
1982 507.14
1983 814.29
1984 1,435.71
1985 1,707.14
1986 2,321.43
1987 2,635.71
1988 3,278.57
1989 3,953.57
1990 4,950
1991 5,307.14
1992 5,707.14
1993 5,790.64
1994 6,064.57
1995 6,096.42
1996 6,217.45
1997 6,344.86
1998 6,478.64
1999 6,555.08
2000 6,918.19
2001 7,211.23
2002 7,833.78
2003 7,989.79
2004 8,211.37
2005 8,529.89
2006 8,880.26
2007 9,504.55
2008 10,058.77
2009 11,883.72
2010 12,773.27
2011 13,090.49
2012 13,777.41
2013 14,356.46
2014 14,950.85
2015 15,074.46
2016 15,378.2
2017 15,669.33
2018 15,962.48
Today 16,438.75