kr

Value of 1984 Icelandic Kronur today

kr100 in 1984
kr1,238.67 in 2022

The inflation rate in Iceland between 1984 and today has been 1,138.67%, which translates into a total increase of kr1,138.67. This means that 100 kronur in 1984 are equivalent to 1,238.67 kronur in 2022. In other words, the purchasing power of kr100 in 1984 equals kr1,238.67 today. The average annual inflation rate between these periods has been 6.85%.

Inflation timeline in Iceland (1984 - 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 1984-2021 1,059.91%
Cumulative inflation 1984-today 1,138.67%
Avg. Annual inflation 1984-2021 6.85%
CPI 1984 10.14
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.57

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 1984 and 2021, use the corresponding CPI values:

Value2021
=Value1984 ×
CPI2021/CPI1984
=kr 100 ×
117.59/10.14
kr1,159.91

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.57:

Valuetoday
=Value1984 ×
CPItoday/CPI1984
=kr 100 ×
125.57/10.14
kr1,238.67

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 37 years between 1984 and 2021 and the average inflation rate was 6.8485%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.068485)37
kr1,159.91

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1984 kr11.6 kronur in 2021
kr5 kronur in 1984 kr58 kronur in 2021
kr10 kronur in 1984 kr115.99 kronur in 2021
kr50 kronur in 1984 kr579.96 kronur in 2021
kr100 kronur in 1984 kr1,159.91 kronur in 2021
kr500 kronur in 1984 kr5,799.57 kronur in 2021
kr1,000 kronur in 1984 kr11,599.15 kronur in 2021
kr5,000 kronur in 1984 kr57,995.73 kronur in 2021
kr10,000 kronur in 1984 kr115,991.46 kronur in 2021
kr50,000 kronur in 1984 kr579,957.29 kronur in 2021
kr100,000 kronur in 1984 kr1,159,914.58 kronur in 2021
kr500,000 kronur in 1984 kr5,799,572.88 kronur in 2021
kr1,000,000 kronur in 1984 kr11,599,145.75 kronur in 2021
Cumulative inflation From 1984 1,138.67%
Avg. annual inflation From 1984 6.85%
CPI 1984 10.14
CPI today 125.57

Value of Krona over time (by year)

Period Value
1984 100
1985 131.99
1986 161.2
1987 190.7
1988 239.76
1989 289.53
1990 334.44
1991 357.21
1992 371.31
1993 386.32
1994 392.32
1995 398.8
1996 407.81
1997 415.21
1998 422.1
1999 435.74
2000 458.13
2001 487.47
2002 512.8
2003 523.34
2004 539.87
2005 561.4
2006 598.94
2007 629.2
2008 709.07
2009 794.18
2010 837.04
2011 870.53
2012 915.67
2013 951.13
2014 970.58
2015 986.43
2016 1,003.17
2017 1,020.83
2018 1,048.21
2019 1,079.81
2020 1,110.56
2021 1,159.91
2022-04 1,233.78
Today 1,238.67

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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