kr

Value of 1983 Icelandic Kronur today

kr100 in 1983
kr1,637.05 in 2022

The inflation rate in Iceland between 1983 and today has been 1,537.05%, which translates into a total increase of kr1,537.05. This means that 100 kronur in 1983 are equivalent to 1,637.05 kronur in 2022. In other words, the purchasing power of kr100 in 1983 equals kr1,637.05 today. The average annual inflation rate between these periods has been 7.43%.

Inflation timeline in Iceland (1983 - 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 1983-2021 1,417.78%
Cumulative inflation 1983-today 1,537.05%
Avg. Annual inflation 1983-2021 7.42%
CPI 1983 7.75
CPI 2021 117.59
CPI 2022-05 (latest official data) 126.04
CPI today 126.83

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 1983 and 2021, use the corresponding CPI values:

Value2021
=Value1983 ×
CPI2021/CPI1983
=kr 100 ×
117.59/7.75
kr1,517.78

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 126.83:

Valuetoday
=Value1983 ×
CPItoday/CPI1983
=kr 100 ×
126.83/7.75
kr1,637.05

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 38 years between 1983 and 2021 and the average inflation rate was 7.4198%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.074198)38
kr1,517.78

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1983 kr15.18 kronur in 2021
kr5 kronur in 1983 kr75.89 kronur in 2021
kr10 kronur in 1983 kr151.78 kronur in 2021
kr50 kronur in 1983 kr758.89 kronur in 2021
kr100 kronur in 1983 kr1,517.78 kronur in 2021
kr500 kronur in 1983 kr7,588.88 kronur in 2021
kr1,000 kronur in 1983 kr15,177.75 kronur in 2021
kr5,000 kronur in 1983 kr75,888.77 kronur in 2021
kr10,000 kronur in 1983 kr151,777.55 kronur in 2021
kr50,000 kronur in 1983 kr758,887.74 kronur in 2021
kr100,000 kronur in 1983 kr1,517,775.48 kronur in 2021
kr500,000 kronur in 1983 kr7,588,877.4 kronur in 2021
kr1,000,000 kronur in 1983 kr15,177,754.79 kronur in 2021
Cumulative inflation From 1983 1,537.05%
Avg. annual inflation From 1983 7.43%
CPI 1983 7.75
CPI today 126.83

Value of Krona over time (by year)

Period Value
1983 100
1984 130.85
1985 172.72
1986 210.94
1987 249.53
1988 313.73
1989 378.85
1990 437.62
1991 467.41
1992 485.86
1993 505.51
1994 513.36
1995 521.83
1996 533.63
1997 543.32
1998 552.33
1999 570.18
2000 599.47
2001 637.87
2002 671.02
2003 684.81
2004 706.44
2005 734.6
2006 783.73
2007 823.32
2008 927.83
2009 1,039.2
2010 1,095.28
2011 1,139.11
2012 1,198.18
2013 1,244.58
2014 1,270.02
2015 1,290.76
2016 1,312.67
2017 1,335.77
2018 1,371.61
2019 1,412.95
2020 1,453.19
2021 1,517.78
2022-05 1,626.9
Today 1,637.05

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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