kr

Value of 1981 Icelandic Kronur today

kr100 in 1981
kr4,564.85 in 2022

The inflation rate in Iceland between 1981 and today has been 4,464.85%, which translates into a total increase of kr4,464.85. This means that 100 kronur in 1981 are equivalent to 4,564.85 kronur in 2022. In other words, the purchasing power of kr100 in 1981 equals kr4,564.85 today. The average annual inflation rate between these periods has been 9.77%.

Inflation timeline in Iceland (1981 - 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 1981-2021 4,094.71%
Cumulative inflation 1981-today 4,464.85%
Avg. Annual inflation 1981-2021 9.79%
CPI 1981 2.8
CPI 2021 117.59
CPI 2022-06 (latest official data) 127.81
CPI today 127.96

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 1981 and 2021, use the corresponding CPI values:

Value2021
=Value1981 ×
CPI2021/CPI1981
=kr 100 ×
117.59/2.8
kr4,194.71

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 127.96:

Valuetoday
=Value1981 ×
CPItoday/CPI1981
=kr 100 ×
127.96/2.8
kr4,564.85

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 40 years between 1981 and 2021 and the average inflation rate was 9.7912%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.097912)40
kr4,194.71

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1981 kr41.95 kronur in 2021
kr5 kronur in 1981 kr209.74 kronur in 2021
kr10 kronur in 1981 kr419.47 kronur in 2021
kr50 kronur in 1981 kr2,097.36 kronur in 2021
kr100 kronur in 1981 kr4,194.71 kronur in 2021
kr500 kronur in 1981 kr20,973.57 kronur in 2021
kr1,000 kronur in 1981 kr41,947.13 kronur in 2021
kr5,000 kronur in 1981 kr209,735.66 kronur in 2021
kr10,000 kronur in 1981 kr419,471.32 kronur in 2021
kr50,000 kronur in 1981 kr2,097,356.59 kronur in 2021
kr100,000 kronur in 1981 kr4,194,713.17 kronur in 2021
kr500,000 kronur in 1981 kr20,973,565.86 kronur in 2021
kr1,000,000 kronur in 1981 kr41,947,131.72 kronur in 2021
Cumulative inflation From 1981 4,464.85%
Avg. annual inflation From 1981 9.77%
CPI 1981 2.8
CPI today 127.96

Value of Krona over time (by year)

Period Value
1981 100
1982 150.24
1983 276.37
1984 361.64
1985 477.35
1986 582.97
1987 689.65
1988 867.06
1989 1,047.05
1990 1,209.45
1991 1,291.8
1992 1,342.8
1993 1,397.08
1994 1,418.78
1995 1,442.2
1996 1,474.8
1997 1,501.58
1998 1,526.49
1999 1,575.82
2000 1,656.77
2001 1,762.88
2002 1,854.5
2003 1,892.62
2004 1,952.4
2005 2,030.24
2006 2,166
2007 2,275.42
2008 2,564.27
2009 2,872.06
2010 3,027.06
2011 3,148.17
2012 3,311.44
2013 3,439.66
2014 3,509.99
2015 3,567.31
2016 3,627.85
2017 3,691.71
2018 3,790.76
2019 3,905.01
2020 4,016.22
2021 4,194.71
2022-06 4,559.35
Today 4,564.85

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 |

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